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https//newconnect.mheducation.com/flow/connect.html 1 M/samSiniustM Streaming CengageBank of America B,Connect 8 Homework GoToMyC :My Com The Kwok Company's inventory balance on December 31, 2016, was $165,000 (based on a 12/31/16 physical count) before considering the following transactions: 1. Goods shipped to Kwok fo.b. destination on December 20, 2016, were received on 2. Goods shipped to Kwok fo.b. shipping point on December 28, 2016, were received on 3. Goods shipped from Kwok to a customer fo.b. destination on December 27, 2016, January 4, 2017. The invoice cost was $30,000. January 5, 2017. The invoice cost was $17,000. were received by the customer on January 3, 2017. The sales price was $40,000 and 4. Goods shipped from Kwok to a customer fo.b. destination on December 26, 2016. ook the merchandise cost $22,000 were received by the customer on December 30, 2016. The sales price was $20,000 int and the merchandise cost $13,000. 5. Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2016, were received by the customer on January 4, 2017. The sales price was $25,000 and rinm the merchandise cost $12,000. Required: erences Determine the correct inventory amount to be reported in Kwok's 2016 balance sheetExplanation / Answer
Inventory on hand as per Physical count 165000 1 No effect 0 2 Add: Goods purchased on FOB shipping not received shall be included in Inventory 17000 3 Add: Goods sold on FOB destination in transit to be included in Inventory 22000 4 No effect 0 5 No effect 0 Inventory to be shown in books 204000
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