Target's year end 12/31/2020 inventory records indicated a balance of $678,000. Additionalinformation indicates that this amount also included the following inventory items:Purchases: (Target purchased from wholesalers.)Date shipped by seller Date arrived1/2/211/3/2112/27/2012/22/20Sales: (Target sold to retail stores.)Date shipped byTarget12/27/2012/26/20Consigned inventory:Date shipped byconsignees12/27/20Date arrived1/5/211/4/21Date arrived12/31/20Amount$210,000$120,000Amount$321,000$200,000Amount$19,000Shipping TermFOB shipping pointFOB destinationShipping TermFOB destinationFOB shipping pointShipping TermFOB destinationWhat is Target's adjusted ending inventory balance at December 31, 2020?

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Description: Target's year end 12/31/2020 inventory records indicated a balance of $678,000. Additionalinformation indicates that this amount also included the following inventory items:Purchases: (Target purchased from wholesalers.)Date shipped by seller Date a

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Target's year end 12/31/2020 inventory records indicated a balance of $678,000. Additional information indicates that this amount also included the following inventory items: Purchases: (Target purchased from wholesalers.) Date shipped by seller Date arrived 1/2/21 1/3/21 12/27/20 12/22/20 Amount $210,000 $120,000 Shipping Term FOB shipping point FOB destination

Target's year end 12/31/2020 inventory records indicated a balance of $678,000. Additional information indicates that this amount also included the following inventory items: Purchases: (Target purchased from wholesalers.) Date shipped by seller Date arrived 1/2/21 1/3/21 12/27/20 12/22/20 Amount $210,000 $120,000 Shipping Term FOB shipping point FOB destination

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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