Keiko Company took a physical inventory at December 31, 2020 and determined that RM3,530,000 of goods were on hand. In addition, the company had goods consigned with Chang Company that had a cost of RM700,000. On December 29, Keiko sold and shipped f.o.b. shipping point RM600,000 worth of inventory. These goods arrived at the buyer's place of business on January 4, 2021. What amount should Keiko report as inventory on its December 31, 2020 statement of financial position? O A. RM4,730,000. O B. RM3,530.000.

Keiko Company took a physical inventory at December 31, 2020 and determined that RM3,530,000 of goods were on hand. In addition, the company had goods consigned with Chang Company that had a cost of RM700,000. On December 29, Keiko sold and shipped f.o.b. shipping point RM600,000 worth of inventory. These goods arrived at the buyer's place of business on January 4, 2021. What amount should Keiko report as inventory on its December 31, 2020 statement of financial position? O A. RM4,730,000. O B. RM3,530.000.

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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