A company's inventory on December 31, 2024, was $338,000 based on a physical count priced at cost, and before any necessary adjustment for the following: • Inventory costing $43,000, shipped f.o.b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025. • Inventory costing $35,000, shipped f.o.b. destination from a vendor on December 28, 2024, was received on January 3, 2025. • Inventory costing $51,000 was shipped to a customer f.o.b. destination on December 28, arrived at the customer's location on January 6, 2025. • Inventory costing $25,000 was being held on consignment by Traynor Company. What amount should the company report as inventory in its December 31, 2024, balance sheet?
A company's inventory on December 31, 2024, was $338,000 based on a physical count priced at cost, and before any necessary adjustment for the following: • Inventory costing $43,000, shipped f.o.b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025. • Inventory costing $35,000, shipped f.o.b. destination from a vendor on December 28, 2024, was received on January 3, 2025. • Inventory costing $51,000 was shipped to a customer f.o.b. destination on December 28, arrived at the customer's location on January 6, 2025. • Inventory costing $25,000 was being held on consignment by Traynor Company. What amount should the company report as inventory in its December 31, 2024, balance sheet?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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TB MC Qu. 8-39 (Algo) A company's inventory on December 31, 2024, was...
A company's inventory on December 31, 2024, was $338,000 based on a physical count priced at cost, and before any necessary adjustment for
the following:
• Inventory costing $43,000, shipped f.o.b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025.
• Inventory costing $35,000, shipped f.o.b. destination from a vendor on December 28, 2024, was received on January 3, 2025.
• Inventory costing $51,000 was shipped to a customer f.o.b. destination on December 28, arrived at the customer's location on January 6,
2025.
• Inventory costing $25,000 was being held on consignment by Traynor Company.
What amount should the company report as inventory in its December 31, 2024, balance sheet?
W
Multiple Choice
#
3
$406,000
$457,000
#103.000
20
F3
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$
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F4
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5
F5
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Transcribed Image Text:es
-
TB MC Qu. 8-39 (Algo) A company's inventory on December 31, 2024, was...
A company's inventory on December 31, 2024, was $338,000 based on a physical count priced at cost, and before any necessary adjustment for
the following:
• Inventory costing $43,000, shipped f.o.b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025.
• Inventory costing $35,000, shipped f.o.b. destination from a vendor on December 28, 2024, was received on January 3, 2025.
• Inventory costing $51,000 was shipped to a customer f.o.b. destination on December 28, arrived at the customer's location on January 6,
2025.
• Inventory costing $25,000 was being held on consignment by Traynor Company.
What amount should the company report as inventory in its December 31, 2024, balance sheet?
W
Multiple Choice
#
3
$406,000
$457,000
#103.000
20
F3
E
$
4
F4
R
%
5
F5
T
< Prev 7 of 16
6
87
&
K
F7
U
Next
* CO
8
DII
F8
1
9
F9
1
O
0
J
F10
{}
41
FIL
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