Answer:
D. $490,000
Explanation:
The inventory was valued at first-in, first-out (FIFO) costs and totaled $500,000.
<em>Adjustments:</em>
The goods worth $10,000 (1,000 units x $10 cost) were shipped and billed to a customer meaning that company has already recorded the sales in its income statement therefore they became the property of the customer and should not have been included in the inventory count. The $10,000 should be removed from the inventory recorded bringing the inventory balance at $490,000 ($500,000 - $10,000).
The goods worth $30,000 (6,000 units x $5 cost) will not be included in the total inventory count because the inventory is held on consignment for one of the company's supplier and the ownership of the goods belongs to the consignor (in this case, the supplier) until they are sold. The goods appear in the inventory records of the consignor (in this case, supplier) not the consignee (in this case, the company). In this case, the company has not included the goods in its inventory cost therefore no adjustment is necessary.
Answer:
You're a great guy but I don't want to get into a relationship because of my crippling depression
Answer:
Explanation:
dang u expect us to do that nooos
Anddd??? What?? You just typed and stopped midway lol
Answer:
ASRC advertising self regulatory council
