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yKpoI14uk [10]
2 years ago
13

Windsor, Inc. just took its physical inventory. The count of inventory items on hand at the company’s business locations resulte

d in a total inventory cost of $301,000. In reviewing the details of the count and related inventory transactions, you have discovered the following tems that had not been considered.
1. Dobler has sent inventory costing $29,120 on consignment to Phillips Company. All of this inventory was at Phillips’s showrooms on December 31.
2. The company did not include in the count inventory (cost, $20,800) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31.
3. The company did not include in the count inventory (cost, $13,520) that was purchased with terms of FOB shipping point. The goods were in transit on December 31.
Compute the correct December 31 inventory.
Business
1 answer:
svp [43]2 years ago
8 0

Answer:

Actual Inventory $ 343640

Explanation:

FOB Shipping point means as soon as the goods are sold they are the buyer's property and must be excluded from the inventory.

FOB destination means that the goods are the seller's property and responsibility unless the goods reach the destination. They are included in the seller inventory unless the buyer gets them.

Inventory sent on consignment is also counted in the cosigner's inventory.

The inventory costing $20,800 that was sold on December 28, terms FOB shipping point will not be included in the seller's inventory. They are now the buyer's responsibility.

Windsor, Inc

Inventory Stock Count on 31 Dec   $301,000

Add inventory sent on consignment $29,120

Add Inventory purchased FOB shipping  $13,520

Actual Inventory $ 343640

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Elenna [48]
Answer:
For the creator, the copyright duration is the lifetime of the author plus 50 years.
For a corporation, the copyright duration is 75 years.

Details:
The copyright Act of 1976 was a revision of the previous copyright Act of 1988.
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Katie is looking over some of the product histories for the company. She has noticed that many more products have been rendered
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3 years ago
An investment of $10,000 today is estimated to return $11,500 a year from now. The $11,500 is called the ________ of the investm
zheka24 [161]
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3 years ago
The use of theory and observation is more difficult in economics than in sciences such as physics due to the difficulty in a. fo
kupik [55]

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b. performing an experiment in an economic system.

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3 0
2 years ago
Shontelle received a gift of income-producing property with an adjusted basis of $49,000 to the donor and fair market value of $
Ugo [173]

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