At December 31, 2022, Ivanhoe Company's inventory records indicated a balance of $682560. Upon further investigation it was determined that this amount included the following: $120960 in inventory purchases made by Ivanhoe shipped from the seller 12/27/22 terms FOB destination, but not due to be received until January 2 . $79920 in goods sold by Ivanhoe with terms FOB destination on December 27. The goods are not expected to reach their destination until January 6 • $6480 of goods received on consignment from Dollywood Company What is Ivanhoe's correct ending inventory balance at December 31, 2022? $555120 O $475200 O $561600 O $676080

At December 31, 2022, Ivanhoe Company's inventory records indicated a balance of $682560. Upon further investigation it was determined that this amount included the following: $120960 in inventory purchases made by Ivanhoe shipped from the seller 12/27/22 terms FOB destination, but not due to be received until January 2 . $79920 in goods sold by Ivanhoe with terms FOB destination on December 27. The goods are not expected to reach their destination until January 6 • $6480 of goods received on consignment from Dollywood Company What is Ivanhoe's correct ending inventory balance at December 31, 2022? $555120 O $475200 O $561600 O $676080

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Description: Please do not give solution in image format thanku Current Attempt in ProgressAt December 31, 2022, Ivanhoe Company's inventory records indicated a balance of $682560. Upon further investigation it wasdetermined that this amount included the followin

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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