As a result of a thorough physical inventory, Waterway Company determined that it had inventory worth $321500 at December 31, 2020. This count did not take into consideration the following facts: Herschel Consignment currently has goods worth $46900 on its sales floor that belong to Waterway but are being sold on consignment by Herschel. The selling price of these goods is $74100. Waterway purchased $21200 of goods that were shipped on December 27, FOB destination, that will be received by Waterway on January 3. Determine the correct amount of inventory that Waterway should report. $389600. O $368400. O $321500. O $374400.

As a result of a thorough physical inventory, Waterway Company determined that it had inventory worth $321500 at December 31, 2020. This count did not take into consideration the following facts: Herschel Consignment currently has goods worth $46900 on its sales floor that belong to Waterway but are being sold on consignment by Herschel. The selling price of these goods is $74100. Waterway purchased $21200 of goods that were shipped on December 27, FOB destination, that will be received by Waterway on January 3. Determine the correct amount of inventory that Waterway should report. $389600. O $368400. O $321500. O $374400.

Name: **Inventory Calculation Problem**As a result of a thorough physical i
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Description: **Inventory Calculation Problem**As a result of a thorough physical inventory, Waterway Company determined that it had inventory worth $321,500 at December 31, 2020. This count did not take into consideration the following facts: Herschel Consignmen

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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