A company’s inventory on December 31, 2024, was $328,000 based on a physical count priced at cost, and before any necessary adjustment for the following:Inventory costing $33,000, shipped f.o.b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025.Inventory costing $25,000, shipped f.o.b. destination from a vendor on December 28, 2024, was received on January 3, 2025.Inventory costing $41,000 was shipped to a customer f.o.b. destination on December 28, arrived at the customer’s location on January 6, 2025.Inventory costing $15,000 was being held on consignment by another company.What amount should the company report as inventory in its December 31, 2024, balance sheet? Multiple Choice $328,000 $417,000 $376,000 $442,000

FOB (Free On Board) is a term in international commercial law specifying at what point respective…

Answered: A company’s inventory on December 31,…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 9PA: On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as...

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A company’s inventory on December 31, 2024, was $328,000 based on a physical count priced at cost, and before any necessary adjustment for the following:

Inventory costing $33,000, shipped f.o.b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025.
Inventory costing $25,000, shipped f.o.b. destination from a vendor on December 28, 2024, was received on January 3, 2025.
Inventory costing $41,000 was shipped to a customer f.o.b. destination on December 28, arrived at the customer’s location on January 6, 2025.
Inventory costing $15,000 was being held on consignment by another company.

What amount should the company report as inventory in its December 31, 2024, balance sheet?

Multiple Choice

$328,000
$417,000
$376,000
$442,000

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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