Empty Company reported inventory on December 31, 2019 at 2,500,000 based on physical count priced at cost and before any necessary adjustment for the following: a. Merchandise costing 100,000, shipped FOB shipping point from a vendor on December 30, 2019 was received and recorded on January 5, 2020. (add or deduct) b. Goods in the shipping area were excluded from inventory although shipment was not made until January 5, 2020. The goods billed to the customer FOB shipping point on December 30, 2019 had a cost of 400,000. (add or deduct) "What amount should be reported as inventory on December 31, 2019?

Empty Company reported inventory on December 31, 2019 at 2,500,000 based on physical count priced at cost and before any necessary adjustment for the following: a. Merchandise costing 100,000, shipped FOB shipping point from a vendor on December 30, 2019 was received and recorded on January 5, 2020. (add or deduct) b. Goods in the shipping area were excluded from inventory although shipment was not made until January 5, 2020. The goods billed to the customer FOB shipping point on December 30, 2019 had a cost of 400,000. (add or deduct) "What amount should be reported as inventory on December 31, 2019?

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Description: Elleeliepince-Arange Quelay p hmal PainiSide SeinSidesFontPaigraM MISLANG MANAGEMENT CONSULTANCY SERVICESEmpty Company reported inventory on December 31, 2019 at 2,500,000based on physical count priced at cost and before any necessaryadjustment for

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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