7. ABC Co. provided you the following information for the purpose of determining the amount of its inventory as of December 31, 2021 Goods located at the warehouse P 2,000,000 Goods-in-transit purchased FOB Destination 500,000 Goods-in-transit purchased FOB Shipping point 200,000 Goods-in-transit sold FOB Destination 100,000 Goods-in-transit sold FOB Shipping point 230,000 Freight (FOB Shipping point, freight prepaid) 8,000 Freight (FOB Shipping point, freight collect) 9,000 Freight (FOB Destination, freight collect) 4,000 Freight (FOB Destination, freight prepaid) 6,000 Goods held on consignment from XYZ 1,500,000 Goods on consignment G00,000 How much is the total inventory?

7. ABC Co. provided you the following information for the purpose of determining the amount of its inventory as of December 31, 2021 Goods located at the warehouse P 2,000,000 Goods-in-transit purchased FOB Destination 500,000 Goods-in-transit purchased FOB Shipping point 200,000 Goods-in-transit sold FOB Destination 100,000 Goods-in-transit sold FOB Shipping point 230,000 Freight (FOB Shipping point, freight prepaid) 8,000 Freight (FOB Shipping point, freight collect) 9,000 Freight (FOB Destination, freight collect) 4,000 Freight (FOB Destination, freight prepaid) 6,000 Goods held on consignment from XYZ 1,500,000 Goods on consignment G00,000 How much is the total inventory?

Name: 7. ABC Co. provided you the following information for the purpose of
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Description: 7. ABC Co. provided you the following information for the purpose of determining the amount of its inventory asof December 31, 2021Goods located at the warehouseP 2,000,000Goods-in-transit purchased FOB Destination500,000Goods-in-transit purchased F

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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