assume the selling cost was 7000$ and it was shipping FOB shipping point. We received the goods on 2/30. Terms of the sale were 2/10. n/45. Shipping costs covered by the suppliers, were 500$. we chose to insure the goods while in transit for 80$. While in transit, the driver of the truck was issued a speeding ticket for $120. To unload the goods and get them out onto our sales floor cos an additional $200. We paid for the goods on 12/31. As of 12/31/2020. what is the value of this particular inventory on our balance sheet?
assume the selling cost was 7000$ and it was shipping FOB shipping point. We received the goods on 2/30. Terms of the sale were 2/10. n/45. Shipping costs covered by the suppliers, were 500$. we chose to insure the goods while in transit for 80$. While in transit, the driver of the truck was issued a speeding ticket for $120. To unload the goods and get them out onto our sales floor cos an additional $200. We paid for the goods on 12/31. As of 12/31/2020. what is the value of this particular inventory on our balance sheet?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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assume the selling cost was 7000$ and it was shipping FOB shipping point. We received the goods on 2/30. Terms of the sale were 2/10. n/45. Shipping costs covered by the suppliers, were 500$. we chose to insure the goods while in transit for 80$. While in transit, the driver of the truck was issued a speeding ticket for $120. To unload the goods and get them out onto our sales floor cos an additional $200. We paid for the goods on 12/31. As of 12/31/2020. what is the value of this particular inventory on our
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