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

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 12RE: Borys Companys periodic inventory at December 31, 2019, is understated by 10,000, but purchases are...

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