Chang Company took a physical inventory at December 31, 2020 and determined that RM3,950,000 of goods were on hand. Included in the count was inventory of RM700,000 on consignment from Keiko Company. On December 30, Chang sold and shipped f.o.b. destination RM820,000 worth of inventory. These goods arrived at the buyer's place of business on January 2, 2021. What amount should Chang report for inventory on its December 31, 2020 statement of financial position?

Chang Company took a physical inventory at December 31, 2020 and determined that RM3,950,000 of goods were on hand. Included in the count was inventory of RM700,000 on consignment from Keiko Company. On December 30, Chang sold and shipped f.o.b. destination RM820,000 worth of inventory. These goods arrived at the buyer's place of business on January 2, 2021. What amount should Chang report for inventory on its December 31, 2020 statement of financial position?

Name: Chang Company took a physical inventory at December 31, 2020 and dete
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Description: Chang Company took a physical inventory at December 31, 2020 and determined thatRM3,950,000 of goods were on hand. Included in the count was inventory of RM700,000 onconsignment from Keiko Company. On December 30, Chang sold and shipped f.o.b.destin

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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