The Physical inventory on January 31, 2019 of Kamote Company showed merchandise at $300,000. As an accountant you checked the inventories and found out that the following items were excluded from this amount. - Merchandise costing $40,500 shipped by a vendor FOB Shipping point on December 31, 2019 and received by Kamote Company on February 5, 2019. - Merchandise costing $45,000 shipped by a vendor FOB destination on January 30, 2019 and received by Kamote Company on February 4, 2019. - Merchandise costing $15,800 which was shipped FOB destination to a customer on January 29, 2019. The customer expected to receive the merchandise on February 6, 2019. - Merchandise costing $40,900 which was shipped FOB shipping point to a customer on January 29, 2019. The goods are scheduled to arrive at the destination point on February 2, 2019. What is the correct amount of inventory that should appear on Kamote’s October 2019 statement of financial position
The Physical inventory on January 31, 2019 of Kamote Company showed merchandise at $300,000. As an accountant you checked the inventories and found out that the following items were excluded from this amount.
- Merchandise costing $40,500 shipped by a vendor FOB Shipping point on December 31, 2019 and received by Kamote Company on February 5, 2019.
- Merchandise costing $45,000 shipped by a vendor FOB destination on January 30, 2019 and received by Kamote Company on February 4, 2019.
- Merchandise costing $15,800 which was shipped FOB destination to a customer on January 29, 2019. The customer expected to receive the merchandise on February 6, 2019.
- Merchandise costing $40,900 which was shipped FOB shipping point to a customer on January 29, 2019. The goods are scheduled to arrive at the destination point on February 2, 2019. What is the correct amount of inventory that should appear on Kamote’s October 2019
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