TB MC Qu. 8-39 (Algo) A company's inventory on December 31, 2 24, was... A company's inventory on December 31, 2024, was $338,000 based on a physical count priced at cost, and before any necessary adjustment for the following: • Inventory costing $43,000, shipped fob shipping point from a vendor on December 30, 2024, was received on January 5, 2025. Inventory costing $35,000, shipped fo.b. destination from a vendor on December 28, 2024, was received on January 3, 2025 Inventory costing $51,000 was shipped to a customer fo.b. destination on December 28, arrived at the customer's location on January 6, 2025. Inventory costing $25,000 was being held on consignment by Traynor Company Wt amount should the company report as inventory in its December 31, 2024, balance sheet?
TB MC Qu. 8-39 (Algo) A company's inventory on December 31, 2 24, was... A company's inventory on December 31, 2024, was $338,000 based on a physical count priced at cost, and before any necessary adjustment for the following: • Inventory costing $43,000, shipped fob shipping point from a vendor on December 30, 2024, was received on January 5, 2025. Inventory costing $35,000, shipped fo.b. destination from a vendor on December 28, 2024, was received on January 3, 2025 Inventory costing $51,000 was shipped to a customer fo.b. destination on December 28, arrived at the customer's location on January 6, 2025. Inventory costing $25,000 was being held on consignment by Traynor Company Wt amount should the company report as inventory in its December 31, 2024, balance sheet?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:TB MC Qu. 8-39 (Algo) A company's inventory on December 31, 2024, was....
A company's inventory on December 31, 2024, was $338,000 based on a physical count priced at cost, and before any necessary adjustment for
the following:
• Inventory costing $43,000, shipped fo.b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025.
• Inventory costing $35,000, shipped fo.b. destination from a vendor on December 28, 2024, was received on January 3, 2025
Inventory costing $51,000 was shipped to a customer fob. destination on December 28, arrived at the customer's location on January 6,
2025.
Inventory
costing $25,000 was being held on consignment by Traynor Company
What amount should the company report as inventory in its December 31, 2024, balance sheet?
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