Given the following items and costs as of the balance sheet date, determine the

Question

Given the following items and costs as of the balance sheet date, determine the value of Faltron Company?s merchandise inventory. - $1.750 goods sold by Faltron to another company. The goods are in transit and shipping terms are FOB destination. - $3.500 goods sold by another company to Faltron. The goods are in transit and shipping terms are FOB destination. - $5.250 owned by Faltron but in the possession of another company, the consignee. - Damaged goods owned by Faltron that originally cost $7,000 but now have a $875 net realizable value. $17,500 $11,375 $9,625 $8,750 $7,875

Explanation / Answer

Goods sold by another company 3500 Owned by Faltron 5250 Total 8750 The correct answer is d. $ 8750

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