Business, 02.04.2020 02:24 s0cial0bessi0n
A physical count of Concord Company's inventory at year-end determined that inventory on hand had a value of $1,627,000. Upon further investigation, it was determined that this amount included the following:
1. An inventory purchase of $51,200 made by Concord shipped from Oriole Company on December 28 with terms FOB destination, but not due to be received until January 3.
2.Goods shipped to a customer with a cost of $70,900 with terms FOB destination on December 29, but not expected to reach their destination until January 3.
3. Goods shipped to a customer with a cost of $54,200 with terms FOB shipping point on December 30, but not expected to reach their destination until January 5.
4. Goods held on consignment from Florence Company with a cost $15,800.
Required: Compute the amount that should be reported for inventory on Concord Company's balance sheet at December 31, 2022.
Answers: 2
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