1. Goods purchased of INVTY INC during December totaled2. How many units were sold by INVTY INC during December?3. How many units should be included in INVTY, INC's inventory at December 31, 2021? The management of INVTY, INC. has engaged you to assist in the preparation of year-end (December 31) financial statements. Youare told that on November 30, the correct inventory level was 145,730 units. During the month of December, sales totaled 138,630units including 40,000 units shipped on consignment to AA Corp. A letter received from AA indicates that as of December 31, it hassold 15,200 units and was still trying to sell the remainder.A review of the December purchase orders to various suppliers shows the following:Purchase Order DateDate ShippedInvoice Date01/02/2022Quantity in UnitsDate ReceivedTerms12/31/20214,20001/02/202201/05/2022FOB Destination12/05/202101/02/20223,60012/17/202112/22/2021FOB Destination01/07/202201/02/202212/06/202101/03/20227,90001/05/2022FOB Shipping point| 12/29/202112/18/202112/22/202112/20/20218,000FOB Shipping point01/05/202201/07/202201/06/202201/07/20224,60001/04/2022FOB Destination12/27/20213,50001/05/2022FOB DestinationINVTY, INC. uses the "passing of legal title" for inventory recognition.

Name: 1. Goods purchased of INVTY INC during December totaled2. How many uni
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Description: 1. Goods purchased of INVTY INC during December totaled2. How many units were sold by INVTY INC during December?3. How many units should be included in INVTY, INC's inventory at December 31, 2021? The management of INVTY, INC. has engaged you to assi

1. In the case of FOB shipping, ownership of goods is passed from seller to buyer, when the goods…

Answered: INC during Dece

Business

Accounting

INC during Dece

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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