At December 31, 2022, Concord Corporation inventory records indicated a balance of $866000. Upon further investigation it was determined that this amount included the following: ▪ $180000 in inventory purchases made by Concord shipped from the seller 12/27/22 terms FOB destination, but not due to be received until January 2nd ▪ $110000 in goods sold by Concord with terms FOB destination on December 27. The goods are not expected to reach their destination until January 6. ▪ $8100 of goods received on consignment from Karen Company What is Concord's correct ending inventory balance at December 31, 2022? $677900 $686000 $857900 $567900
At December 31, 2022, Concord Corporation inventory records indicated a balance of $866000. Upon further investigation it was determined that this amount included the following: ▪ $180000 in inventory purchases made by Concord shipped from the seller 12/27/22 terms FOB destination, but not due to be received until January 2nd ▪ $110000 in goods sold by Concord with terms FOB destination on December 27. The goods are not expected to reach their destination until January 6. ▪ $8100 of goods received on consignment from Karen Company What is Concord's correct ending inventory balance at December 31, 2022? $677900 $686000 $857900 $567900
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At December 31, 2022, Concord Corporation inventory records indicated a balance of $866000. Upon further investigation it was determined that this amount included the following:
▪ $180000 in inventory purchases made by Concord shipped from the seller 12/27/22 terms FOB destination, but not due to be received until January 2nd
▪ $110000 in goods sold by Concord with terms FOB destination on December 27. The goods are not expected to reach their destination until January 6.
▪ $8100 of goods received on consignment from Karen Company
What is Concord's correct ending inventory balance at December 31, 2022?
▪ $180000 in inventory purchases made by Concord shipped from the seller 12/27/22 terms FOB destination, but not due to be received until January 2nd
▪ $110000 in goods sold by Concord with terms FOB destination on December 27. The goods are not expected to reach their destination until January 6.
▪ $8100 of goods received on consignment from Karen Company
What is Concord's correct ending inventory balance at December 31, 2022?
$677900
$686000
$857900
$567900
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