JAT is finalizing the ending inventory balance. The following information has been collected: a. The goods counted in the physical inventory had a gross invoice amount of $290,600 for the goods purchased. JAT purchases primarily from one supplier and received the early payment discount of 2% off the purchase of the goods. b. The HST and import fee on the above purchase totalled $23,800 and $3,900, respectively. c. $40,200 of goods in transit to a retailer were excluded from the above count. The company shipped these products using FOB destination. d. $19,000 of goods in transit to a retailer were excluded from the above count. These goods were FOB shipping point. e. Goods with a total cost of $78,000 have been shipped and received by various retailers. The retailers have a 60-day return period

JAT is finalizing the ending inventory balance. The following information has been collected: a. The goods counted in the physical inventory had a gross invoice amount of $290,600 for the goods purchased. JAT purchases primarily from one supplier and received the early payment discount of 2% off the purchase of the goods. b. The HST and import fee on the above purchase totalled $23,800 and $3,900, respectively. c. $40,200 of goods in transit to a retailer were excluded from the above count. The company shipped these products using FOB destination. d. $19,000 of goods in transit to a retailer were excluded from the above count. These goods were FOB shipping point. e. Goods with a total cost of $78,000 have been shipped and received by various retailers. The retailers have a 60-day return period

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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