Bunson Supply Inc. had a physical inventory count at 12-31-2020 of $200,000 The following items were NOT INCLUDED in this inventory count. Based on the information provided, calculate the proper ending inventory amount. 1 Merchandise is held by Bunson on consignment. Consignor is Sleuth Corp. 1,000 2 Merchandise was shipped by Bunson, fob destination on 12-31-20. The customer is expected to receive the merchandise on 1-2021. 5,000 3 Merchandise was shipped by Bunson, fob shipping on 12-29-2020. The customer is expected to receive the merchandise on 1-5-2021. 10,000 4 Merchandise was shipped by a vendor to Bunson, fob destination on 12-30-2020. This merchandise was received by Bunson of 1-4-2021. 4,000 5 Merchandise was shipped by a vendor to Bunson, fob shipping point on 12-30-2020. This merchandise was received by Bunson of 1-6-2022. 8,000 ADJUSTED INVENTORY AMOUNT

Bunson Supply Inc. had a physical inventory count at 12-31-2020 of $200,000 The following items were NOT INCLUDED in this inventory count. Based on the information provided, calculate the proper ending inventory amount. 1 Merchandise is held by Bunson on consignment. Consignor is Sleuth Corp. 1,000 2 Merchandise was shipped by Bunson, fob destination on 12-31-20. The customer is expected to receive the merchandise on 1-2021. 5,000 3 Merchandise was shipped by Bunson, fob shipping on 12-29-2020. The customer is expected to receive the merchandise on 1-5-2021. 10,000 4 Merchandise was shipped by a vendor to Bunson, fob destination on 12-30-2020. This merchandise was received by Bunson of 1-4-2021. 4,000 5 Merchandise was shipped by a vendor to Bunson, fob shipping point on 12-30-2020. This merchandise was received by Bunson of 1-6-2022. 8,000 ADJUSTED INVENTORY AMOUNT

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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