Question 15 The Charlotte Company made a $9,000 purchase near the end of the current year. The company also made a sale for $11,000 of inventory costing $6,000. Charlotte did not include either the inventory purchased or the inventory sold in its year-end inventory. Ending inventory was reported as $100,000. The purchase was FOB destination and shipped on December 29, Year One, and received by Charlotte on January 3, Year Two. The sale was FOB destination. It was shipped on December 30, Year One, and received by the customer on January 4, Year Two. What was the correct amount of inventory that Charlotte should have reported at the end of Year One? O $109,000 $106,000 1/1 O $94,000 O $97,000

Question 15 The Charlotte Company made a $9,000 purchase near the end of the current year. The company also made a sale for $11,000 of inventory costing $6,000. Charlotte did not include either the inventory purchased or the inventory sold in its year-end inventory. Ending inventory was reported as $100,000. The purchase was FOB destination and shipped on December 29, Year One, and received by Charlotte on January 3, Year Two. The sale was FOB destination. It was shipped on December 30, Year One, and received by the customer on January 4, Year Two. What was the correct amount of inventory that Charlotte should have reported at the end of Year One? O $109,000 $106,000 1/1 O $94,000 O $97,000

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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