The Constance Corporation's inventory on December 31, 2024, was $134,500 (at cost) based on a physical count of inventory on hand, before any necessary adjustment for the following: Inventory costing $24,500, shipped fo.b. shipping point from a vendor on December 27, 2024, was received by Constance on January 5, 2025. Inventory costing $54,500 was shipped to a customer fo.b, shipping point on December 28, 2024, arrived at the customer's location on January 6, 2025. Inventory costing $30,500 was being held on hand for Jess Company on consignment. Estimated sales returns are 15% of annual sales. Sales revenue was $569,000 with a gross profit ratio of 20% What amount should Constance Corporation report as inventory in its December 31, 2024, balance sheet? Multiple Choice $196,780 O. $172.280 $233,405 $226,780

The Constance Corporation's inventory on December 31, 2024, was $134,500 (at cost) based on a physical count of inventory on hand, before any necessary adjustment for the following: Inventory costing $24,500, shipped fo.b. shipping point from a vendor on December 27, 2024, was received by Constance on January 5, 2025. Inventory costing $54,500 was shipped to a customer fo.b, shipping point on December 28, 2024, arrived at the customer's location on January 6, 2025. Inventory costing $30,500 was being held on hand for Jess Company on consignment. Estimated sales returns are 15% of annual sales. Sales revenue was $569,000 with a gross profit ratio of 20% What amount should Constance Corporation report as inventory in its December 31, 2024, balance sheet? Multiple Choice $196,780 O. $172.280 $233,405 $226,780

Name: Denger The Constance Corporation's Inventory on December 31, 2024, was
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Description: Denger The Constance Corporation's Inventory on December 31, 2024, was $134,500 (at cost) based on a physical count of inventory on hand, before anynecessary adjustment for the following:Inventory costing $24,500, shipped fo.b. shipping point from a

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...

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On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Instructions 1. Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2019. The merchandise inventory as of December 31, 2019, was 305,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 30,000. 3. Prepare the closing entries for Wyman Company as of December 31, 2019. 4. What would the net income have been if the perpetual inventory system had been used?
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