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disa [49]
3 years ago
12

On December 31 of the current year, Plunkett Company reported an ending inventory balance of $215,500. The following additional

information is also available:
•
Plunkett sold and shipped goods costing $38,100 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending inventory amount of $215,500.
•
Plunkett purchased goods costing $44,100 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of the following year. The shipment was a rush order that was supposed to arrive by December 31. These goods were included in the ending inventory balance of $215,500.
•
Plunkett's ending inventory balance of $215,500 included $15,100 of goods being held on consignment from Carole Company. (Plunkett Company is the consignee.)
•
Plunkett's ending inventory balance of $215,500 did not include goods costing $95,100 that were shipped to Plunkett on December 27 with shipping terms of FOB destination and were still in transit at year-end.

Based on the above information, the amount that Plunkett should report in ending inventory on December 31 is:
Business
1 answer:
marishachu [46]3 years ago
5 0

Answer:

The amount that Plunkett should report in ending inventory on December 31 is $156,300

Explanation:

The computation of the ending inventory is shown below:

= Ending inventory balance - FOB destination goods purchased - goods being held on consignment

= $215,500 - $44,100 - $15,100

= $156,300

The other items would not be adjusted because the other items are not included in the ending inventory so they are not being considered in the computation part.

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Alex_Xolod [135]

Answer:

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Explanation:

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Now lets look at option D. Broker-dealers do rely on the customers providing customer specific information so that they can plan investment recommendations accordingly, however, this is not the only practice that is required. Firms need to conduct their own research and due diligence as well. Furthermore, customers may be unwilling to disclose certain information, for example, details of their other investments. In this case, firms need to be cautious and carefully analyse whether they have 'enough' customer specific information to be reasonably certain that the investment recommendation is appropriate. As long as enough information exists to form the reasonable basis, firms do not need to refrain from making recommendations.

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3 years ago
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Answer:

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4 0
2 years ago
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