Godchaux Inc. took a physical inventory at December 31, 2019 and determined that €480,000 of goods were on hand. In addition, the following items were not included in the physical count: (1) €66,000 of goods were in transit, shipped f.o.b. destination (goods were received by Godchaux three days later on January 3, 2020) and (2) the company shipped f.o.b. shipping point €15,000 worth of inventory on December 29. The goods arrived at the buyer's place of business on January 2, 2020. What amount should on Godchaux report as inventory at the end of 2019?
Godchaux Inc. took a physical inventory at December 31, 2019 and determined that €480,000 of goods were on hand. In addition, the following items were not included in the physical count: (1) €66,000 of goods were in transit, shipped f.o.b. destination (goods were received by Godchaux three days later on January 3, 2020) and (2) the company shipped f.o.b. shipping point €15,000 worth of inventory on December 29. The goods arrived at the buyer's place of business on January 2, 2020. What amount should on Godchaux report as inventory at the end of 2019?
Chapter1: Financial Statements And Business Decisions
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Godchaux Inc. took a physical inventory at December 31, 2019 and determined that
Not yet
€480,000 of goods were on hand. In addition, the following items were not included in
the physical count: (1) €66,000 of goods were in transit, shipped f.o.b. destination
(goods were received by Godchaux three days later on January 3, 2020) and (2) the
answered
Marked out of
1.00
company shipped f.o.b. shipping point €15,000 worth of inventory on December 29. The
goods arrived at the buyer's place of business on January 2, 2020. What amount should
Godchaux report as inventory at the end of 2019?
P Flag question
Select one:
a. €561,000.
b. €480,000.
C. €495,000.
d. €546,000.
Windews bu
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