4. On December 31, the physical inventory excluded $25,000 of merchandise inventory held on consignment by a customer. Conway Corp. is the consignor. 5. Goods are in transit from a vendor to Conway Corp. on December 31. The invoice cost was $40,000 and the goods were shipped f.o.b. shipping point on December 26. The merchandise was excluded from the physical inventory count because the merchandise had not been received. 6. Merchandise with a cost of $30,000 is held in the receiving department for return, but Conway still controls this inventory. The merchandise was excluded from the physical inventory count. Required Calculate the adjusted inventory balance on December 31. $ 845,000
4. On December 31, the physical inventory excluded $25,000 of merchandise inventory held on consignment by a customer. Conway Corp. is the consignor. 5. Goods are in transit from a vendor to Conway Corp. on December 31. The invoice cost was $40,000 and the goods were shipped f.o.b. shipping point on December 26. The merchandise was excluded from the physical inventory count because the merchandise had not been received. 6. Merchandise with a cost of $30,000 is held in the receiving department for return, but Conway still controls this inventory. The merchandise was excluded from the physical inventory count. Required Calculate the adjusted inventory balance on December 31. $ 845,000
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...
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