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disa [49]
3 years ago
9

Concord Inc. took a physical inventory at the end of the year and determined that $783000 of goods were on hand. In addition, Co

ncord, Inc. determined that $55000 of goods that were in transit that were shipped f.o.b. shipping point were actually received two days after the inventory count and that the company had $91000 of goods out on consignment. What amount should Concord report as inventory at the end of the year
Business
1 answer:
Lina20 [59]3 years ago
5 0

Answer:

$929,000

Explanation:

Calculation for the amount that Concord should report as inventory at the end of the year

Using this formula

Inventory=Ending physical inventory+Goods in transit+Goods out on consignment

Let plug in the formula

Inventory=$783,000+$55,000+$91,000

Inventory=$929,000

Therefore the amount that Concord should report as inventory at the end of the year will be $929,000

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3 years ago
Read 2 more answers
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Answer:

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8 0
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Rama09 [41]

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