Exercise 8-6 Goods in transit [LO8-2 The Kwok Company\'s mentory binte en Decemb

Question

Exercise 8-6 Goods in transit [LO8-2 The Kwok Company's mentory binte en December 3, 20, was SSS000hased on a the folowing ransactions baliance on December 31, 201, was $195000 (based on a 12/31/18 physical count betore considering on December 20.208wene received on January 4 2019 The invoice cost was $36,000 1 Goods shipped to Kwok tob destination 2 Goodinpoedtoksok tob shipping pore on December 29, 20were received on Janay S. 20 Theme ce colt was $23.000 Goods shipped from Kwok to a customer tob destnation on December 27, 2018 wene neceived by the customer on January 3 2019 The sales price was $46,000 and the merchandise cost $28.000 or, December 26,20 were received by the customer on December 30. 2018 The sales price was 526,000 and the menchandise cost $9000 s Goods shipped from Kwok to a customer to b shipping point on December 28201, were received by the customer on Jonuary 4 the merchandse cest Determine th to be neponed 2018 balance

Explanation / Answer

Correct Inventory Amount = Physical Inventory + Sale on FOB but not Delivered before Dec,31

= $ 195,000 + $ 28,000 + $ 18,000 + $ 36,000 + $ 23,000

= $ 300,000

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.