The unadjusted inventory balance of Conway Corp. is $800,000 on December 31, based on a physical inventory count. Several items must be considered before the inventory valuation 1. On December 31, the physical inventory excluded $ 10,000 of merchandise inventory shipped f.o.b. destination to Conway Corp. from a vendor. The inventory arrived on January 50 2. On December 31, the physical inventory included $1,500 of merchandise held on consignment. The consignor is Packaging Plus Inc. 3. $75,000 of in-transit merchandise was shipped f.o b. shipping point to a customer and was excluded from the physical inventory count. The merchandise was shipped on December 4. On December 31, the physical inventory excluded $25,000 of merchandise inventory held on consignment by a customer. Conway Corp. is the consignor. 5. Goods are in transit from a vendor to Conway Corp. on December 31. The invoice cost was $40,000 and the goods were shipped f.o.b. shipping point on December 26. The merchan merchandise had not been received. 6. Merchandise with a cost of $30,000 is held in the receiving department for return, but Conway still controls this inventory. The merchandise was excluded from the physical inventon Required Calculate the adjusted inventory balance on December 31.
The unadjusted inventory balance of Conway Corp. is $800,000 on December 31, based on a physical inventory count. Several items must be considered before the inventory valuation 1. On December 31, the physical inventory excluded $ 10,000 of merchandise inventory shipped f.o.b. destination to Conway Corp. from a vendor. The inventory arrived on January 50 2. On December 31, the physical inventory included $1,500 of merchandise held on consignment. The consignor is Packaging Plus Inc. 3. $75,000 of in-transit merchandise was shipped f.o b. shipping point to a customer and was excluded from the physical inventory count. The merchandise was shipped on December 4. On December 31, the physical inventory excluded $25,000 of merchandise inventory held on consignment by a customer. Conway Corp. is the consignor. 5. Goods are in transit from a vendor to Conway Corp. on December 31. The invoice cost was $40,000 and the goods were shipped f.o.b. shipping point on December 26. The merchan merchandise had not been received. 6. Merchandise with a cost of $30,000 is held in the receiving department for return, but Conway still controls this inventory. The merchandise was excluded from the physical inventon Required Calculate the adjusted inventory balance on December 31.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:The unadjusted inventory balance of Conway Corp. is $800,000 on December 31, based on a physical inventory count.
Several items must be considered before the inventory valuation 1. On December 31, the physical inventory excluded $
10,000 of merchandise inventory shipped f.o.b. destination to Conway Corp. from a vendor. The inventory arrived on
January 50 2. On December 31, the physical inventory included $1,500 of merchandise held on consignment. The
consignor is Packaging Plus Inc. 3. $75,000 of in-transit merchandise was shipped f.o b. shipping point to a customer
and was excluded from the physical inventory count. The merchandise was shipped on December 4. On December 31,
the physical inventory excluded $25,000 of merchandise inventory held on consignment by a customer. Conway Corp. is
the consignor. 5. Goods are in transit from a vendor to Conway Corp. on December 31. The invoice cost was $40,000
and the goods were shipped f.o.b. shipping point on December 26. The merchan merchandise had not been
received. 6. Merchandise with a cost of $30,000 is held in the receiving department for return, but Conway still controls
this inventory. The merchandise was excluded from the physical inventon Required Calculate the adjusted inventory
balance on December 31.
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