In your audit of Joseph Moore Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $411,580 was on hand at that date. You also discover the following items were all excluded from the $411,580.1. Merchandise of $60,710 which is held by Moore on consignment. The consignor is the Max Suzuki Company.2. Merchandise costing $38,360 which was shipped by Moore f.o.b. destination to a customer on December 31, 2020. The customer was expected to receive the merchandise on January 6, 2021.3. Merchandise costing $46,920 which was shipped by Moore f.o.b. shipping point to a customer on December 29, 2020. The customer was scheduled to receive the merchandise on January 2, 2021.4. Merchandise costing $82,010 shipped by a vendor f.o.b. destination on December 30, 2020, and received by Moore on January 4, 2021.5. Merchandise costing $55,300 shipped by a vendor f.o.b. shipping point on December 31, 2020, and received by Moore on January 5, 2021.Based on the above information, calculate the amount that should appear on Moore’s balance sheet at December 31, 2020, for inventory.

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Description: In your audit of Joseph Moore Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $411,580 was on hand at that date. You also discover the following items were all excluded from the $411,580.1. Merchand

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FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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In your audit of Joseph Moore Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $411,580 was on hand at that date. You also discover the following items were all excluded from the $411,580.

1.		Merchandise of $60,710 which is held by Moore on consignment. The consignor is the Max Suzuki Company.
2.		Merchandise costing $38,360 which was shipped by Moore f.o.b. destination to a customer on December 31, 2020. The customer was expected to receive the merchandise on January 6, 2021.
3.		Merchandise costing $46,920 which was shipped by Moore f.o.b. shipping point to a customer on December 29, 2020. The customer was scheduled to receive the merchandise on January 2, 2021.
4.		Merchandise costing $82,010 shipped by a vendor f.o.b. destination on December 30, 2020, and received by Moore on January 4, 2021.
5.		Merchandise costing $55,300 shipped by a vendor f.o.b. shipping point on December 31, 2020, and received by Moore on January 5, 2021.

Based on the above information, calculate the amount that should appear on Moore’s balance sheet at December 31, 2020, for inventory.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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