As a result of a thorough physical invento Company determined that it had inventory wo $320300 at December 31, 2020. This count did not take into consideration the following facts: Herschel Consignment currently has goods worth $47200 on its sales floor that belong to Oriole but are being sold on consignment by Herschel. The selling price of these goods is $75300. Oriole purchased $21700 of goods that were shipped on December 27, FOB destination, that will be received by Oriole on January 3. Determine the correct amount of inventory that Oriole should report. O $367500. O $320300. O $389200. O $373900.
As a result of a thorough physical invento Company determined that it had inventory wo $320300 at December 31, 2020. This count did not take into consideration the following facts: Herschel Consignment currently has goods worth $47200 on its sales floor that belong to Oriole but are being sold on consignment by Herschel. The selling price of these goods is $75300. Oriole purchased $21700 of goods that were shipped on December 27, FOB destination, that will be received by Oriole on January 3. Determine the correct amount of inventory that Oriole should report. O $367500. O $320300. O $389200. O $373900.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 11RE: At the end of 2019, Manny Company recorded its ending inventory at 350,000 based on a physical...
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![As a result of a thorough physical inventory, Oriole Company determined that it had inventory worth $320300 at December 31, 2020.
This count did not take into consideration the following facts: Herschel Consignment currently has goods worth $47200 on its sales
floor that belong to Oriole but are being sold on consignment by Herschel. The selling price of these goods is $75300. Oriole
purchased $21700 of goods that were shipped on December 27, FOB destination, that will be received by Oriole on January 3.
Determine the correct amount of inventory that Oriole should report.
O $367500.
$320300.
O $389200.
O $373900.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0ddc1fa0-4476-4821-b171-98b668f5b161%2F91b21318-1a10-48f0-ae31-07016be33640%2Fpb9g1zo_processed.png&w=3840&q=75)
Transcribed Image Text:As a result of a thorough physical inventory, Oriole Company determined that it had inventory worth $320300 at December 31, 2020.
This count did not take into consideration the following facts: Herschel Consignment currently has goods worth $47200 on its sales
floor that belong to Oriole but are being sold on consignment by Herschel. The selling price of these goods is $75300. Oriole
purchased $21700 of goods that were shipped on December 27, FOB destination, that will be received by Oriole on January 3.
Determine the correct amount of inventory that Oriole should report.
O $367500.
$320300.
O $389200.
O $373900.
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