Do not give answer in image The unadjusted inventory balance of Ultim Corp. is $220,000 on December 31 based on a physical inventory count. Thefollowing items must be considered before the inventory valuation is finalized.a. On December 31, the physical inventory excluded $550 of merchandise inventory set aside for expected shipment to acustomer.b. On December 31, the physical inventory excluded $2,200 of merchandise inventory out on consignment in a customer'sshowroom.c. On December 31, the physical inventory excluded $1,760 of merchandise held on consignment.d. In-transit merchandise of $1,650 was shipped f.o.b. destination to a customer and was excluded from the physicalinventory count. The merchandise was turned over to a common carrier on December 28 and is delivered to the customeron December 31.e. Ultim Corp. ordered $1,760 of merchandise on December 26. The merchandise was shipped to Ultim Corp. f.o.b.shipping point on December 30 and was expected to arrive January 2 of next year. The merchandise was not included inthe physical inventory count.f. A return to a vendor of merchandise for $2,200 was in transit on December 31 and was excluded from the physicalinventory count. The merchandise was shipped f.o.b. shipping point on December 30.RequiredReview items a through fand determine the adjusted inventory balance for year-end December 31.Adjusted inventory balance on December 31:

Name: Do not give answer in image The unadjusted inventory balance of Ultim
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Description: Do not give answer in image The unadjusted inventory balance of Ultim Corp. is $220,000 on December 31 based on a physical inventory count. Thefollowing items must be considered before the inventory valuation is finalized.a. On December 31, the physi

Inventory refers to the collection of goods, materials, or products held by a business for the…

Answered: Required Review items a through f and…

Business

Accounting

Required Review items a through f and determine the adjusted inventory balance for year-end December 31. Adjusted inventory balance on December 31:

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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