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The December 31, 2024, year-end inventory balance of the Almond Corporation is $226,000. You have been asked to review the following transactions to determine if they have been correctly recorded. 1. Goods shipped to Almond f.o.b. destination on December 26, 2024, were received on January 2, 2025. The invoice cost of $38,000 is included in the preliminary inventory balance. 2. At year-end, Almond held $22,000 of inventory on consignment from the Hardgrove Company. This inventory is included in the preliminary inventory balance. 3. On December 29, inventory costing $6,800 was shipped to a customer f.o.b. shipping point and arrived at the customer's location on January 3, 2025. The inventory is not included in the preliminary inventory balance. 4. At year-end, Almond had inventory costing $23,000 on consignment with the Juniper Corporation. The inventory is not included in the preliminary inventory balance. Required: Determine the correct inventory amount to be reported in Almond's 2024 balance sheet. > Answer is complete but not entirely correct. Correct inventory balance $ 194,000 ×

The December 31, 2024, year-end inventory balance of the Almond Corporation is $226,000. You have been asked to review the following transactions to determine if they have been correctly recorded. 1. Goods shipped to Almond f.o.b. destination on December 26, 2024, were received on January 2, 2025. The invoice cost of $38,000 is included in the preliminary inventory balance. 2. At year-end, Almond held $22,000 of inventory on consignment from the Hardgrove Company. This inventory is included in the preliminary inventory balance. 3. On December 29, inventory costing $6,800 was shipped to a customer f.o.b. shipping point and arrived at the customer's location on January 3, 2025. The inventory is not included in the preliminary inventory balance. 4. At year-end, Almond had inventory costing $23,000 on consignment with the Juniper Corporation. The inventory is not included in the preliminary inventory balance. Required: Determine the correct inventory amount to be reported in Almond's 2024 balance sheet. > Answer is complete but not entirely correct. Correct inventory balance $ 194,000 ×

FINANCIAL ACCOUNTING
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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The December 31, 2024, year-end inventory balance of the Almond Corporation is $226,000. You have been asked to review the following transactions to determine if they have been correctly recorded. 1. Goods shipped to Almond f.o.b. destination on December 26, 2024, were received on January 2, 2025. The invoice cost of $38,000 is included in the preliminary inventory balance. 2. At year-end, Almond held $22,000 of inventory on consignment from the Hardgrove Company. This inventory is included in the preliminary inventory balance. 3. On December 29, inventory costing $6,800 was shipped to a customer f.o.b. shipping point and arrived at the customer's location on January 3, 2025. The inventory is not included in the preliminary inventory balance. 4. At year-end, Almond had inventory costing $23,000 on consignment with the Juniper Corporation. The inventory is not included in the preliminary inventory balance. Required: Determine the correct inventory amount to be reported in Almond's 2024 balance sheet. > Answer is complete but not entirely correct. Correct inventory balance $ 194,000 ×
Transcribed Image Text:The December 31, 2024, year-end inventory balance of the Almond Corporation is $226,000. You have been asked to review the following transactions to determine if they have been correctly recorded. 1. Goods shipped to Almond f.o.b. destination on December 26, 2024, were received on January 2, 2025. The invoice cost of $38,000 is included in the preliminary inventory balance. 2. At year-end, Almond held $22,000 of inventory on consignment from the Hardgrove Company. This inventory is included in the preliminary inventory balance. 3. On December 29, inventory costing $6,800 was shipped to a customer f.o.b. shipping point and arrived at the customer's location on January 3, 2025. The inventory is not included in the preliminary inventory balance. 4. At year-end, Almond had inventory costing $23,000 on consignment with the Juniper Corporation. The inventory is not included in the preliminary inventory balance. Required: Determine the correct inventory amount to be reported in Almond's 2024 balance sheet. > Answer is complete but not entirely correct. Correct inventory balance $ 194,000 ×
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