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ELEN [110]
3 years ago
9

Swifty Company took a physical inventory on December 31 and determined that goods costing $170,000 were on hand. Not included in

the physical count were $20,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $18,000 of goods sold to Alvarez Company for $26,000 FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Swifty report as its December 31 inventory
Business
1 answer:
zysi [14]3 years ago
7 0

Answer:

December 31 inventory = $208,000

Explanation:

Given:

Goods costing = $170,000

Goods purchased = $20,000

Goods sold = $18,000 for $26,000

Computation:

December 31 inventory = $170,000 + $20,000 + $18,000

December 31 inventory = $208,000

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Explanation:

a) Data and Calculations:

Balance Sheet of Corinne company at the end of 2025 and 2024:

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Land                                          180              80

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Notes payable- bank long term  0             80

Mortgage payable                     60               0

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Retained earnings                     56              10

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Land and Common Stock exchange

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Cash dividends $20

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Beginning balance 150

Equipment sold        -8

Balance                   142

Closing balance    200

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