Business, 25.10.2019 22:43 crystaldewar55C
At december 31, sunrise company’s inventory records indicated a balance of $654,000. upon further investigation it was determined that this amount included the following:
(1) $68,000 of inventory sold and shipped by sunrise on december 28 under the terms fob destination, and this inventory was received by the buyer on january 6.
(2) $98,000 of inventory purchased by sunrise under the terms fob destination, and this $98,000 of inventory did not arrive until january 2.
(3) $4,000 of inventory held by sunrise on consignment from another company. (4) $34,000 of inventory consigned to a third-party consignor that it continues to hold at the end of the year.
what is sunrise's correct ending inventory balance at december 31?
a. $650,000
b. $556,000
c. $728,000
d. $586,000
e. $552,000
Answers: 1
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At december 31, sunrise company’s inventory records indicated a balance of $654,000. upon further in...
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