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1. Goods shipped to Kwik fo.b. destination on December 20, 2024, were received on January 4, 2025. The invoice cost was $49,000. 2. Goods shipped to Kwik fo.b. shipping point on December 28, 2024, were received on January 5, 2025. The involce cost was $36,000. 3. Goods shipped from Kwik to a customer fo.b. destination on December 27, 2024, were received by the customer on January 3, 2025. The sales price was $59,000 and the inventory cost $41,000. 4. Goods shipped from Kwik to a customer fo.b. destination on December 26, 2024, were received by the customer on December 30, 2024. The sales price was $39,000 and the inventory cost $32,000. 5. Goods shipped from Kwik to a customer fo.b, shipping point on December 28, 2024, were received by the customer on January 4, 2025. The sales price was $44,000 and the inventory cost $31,000. Required: Determine the correct inventory amount to be reported in Kwik's 2024 balance sheet. Correct inventory balance

1. Goods shipped to Kwik fo.b. destination on December 20, 2024, were received on January 4, 2025. The invoice cost was $49,000. 2. Goods shipped to Kwik fo.b. shipping point on December 28, 2024, were received on January 5, 2025. The involce cost was $36,000. 3. Goods shipped from Kwik to a customer fo.b. destination on December 27, 2024, were received by the customer on January 3, 2025. The sales price was $59,000 and the inventory cost $41,000. 4. Goods shipped from Kwik to a customer fo.b. destination on December 26, 2024, were received by the customer on December 30, 2024. The sales price was $39,000 and the inventory cost $32,000. 5. Goods shipped from Kwik to a customer fo.b, shipping point on December 28, 2024, were received by the customer on January 4, 2025. The sales price was $44,000 and the inventory cost $31,000. Required: Determine the correct inventory amount to be reported in Kwik's 2024 balance sheet. Correct inventory balance

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vishnu 

1. Goods shipped to Kwik fo.b. destination on December 20, 2024, were received on January 4, 2025. The Invoice cost was $49,000. 2. Goods shipped to Kwik f.o.b. shipping point on December 28, 2024, were received on January 5, 2025. The invoice cost was $36,000, 3. Goods shipped from Kwik to a customer fo.b. destination on December 27, 2024, were received by the customer on January 3, 2025. The sales price was $59,000 and the inventory cost $41,000. 4. Goods shipped from Kwik to a customer fo.b. destination on December 26, 2024, were received by the customer on December 30, 2024. The sales price was $39,000 and the inventory cost $32,000. 5. Goods shipped from Kwik to a customer fo.b. shipping point on December 28, 2024, were received by the customer on January 4, 2025. The sales price was $44,000 and the inventory cost $31,000. Required: Determine the correct inventory amount to be reported in Kwik's 2024 balance sheet. Correct inventory balance
Transcribed Image Text:1. Goods shipped to Kwik fo.b. destination on December 20, 2024, were received on January 4, 2025. The Invoice cost was $49,000. 2. Goods shipped to Kwik f.o.b. shipping point on December 28, 2024, were received on January 5, 2025. The invoice cost was $36,000, 3. Goods shipped from Kwik to a customer fo.b. destination on December 27, 2024, were received by the customer on January 3, 2025. The sales price was $59,000 and the inventory cost $41,000. 4. Goods shipped from Kwik to a customer fo.b. destination on December 26, 2024, were received by the customer on December 30, 2024. The sales price was $39,000 and the inventory cost $32,000. 5. Goods shipped from Kwik to a customer fo.b. shipping point on December 28, 2024, were received by the customer on January 4, 2025. The sales price was $44,000 and the inventory cost $31,000. Required: Determine the correct inventory amount to be reported in Kwik's 2024 balance sheet. Correct inventory balance
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