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At December 31, 2022 Sauve Company's inventory records indicated a balance of $470,000. Upon further investigation it was determined that this amount included the following: $40,000 in inventory purchases made by Sauve shipped from the seller December 27, 2022 terms FOB destination, but not due to be received until January 3, 2023. What is Sauve's correct ending inventory balance at December 31, 2022? $430,000 $470,000 $510,000 $545,000

At December 31, 2022 Sauve Company's inventory records indicated a balance of $470,000. Upon further investigation it was determined that this amount included the following: $40,000 in inventory purchases made by Sauve shipped from the seller December 27, 2022 terms FOB destination, but not due to be received until January 3, 2023. What is Sauve's correct ending inventory balance at December 31, 2022? $430,000 $470,000 $510,000 $545,000

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 11RE: At the end of 2019, Manny Company recorded its ending inventory at 350,000 based on a physical...
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At December 31, 2022 Sauve Company's inventory records indicated a balance of $470,000. Upon further investigation it was determined that this amount included the following: $40,000 in inventory purchases made by Sauve shipped from the seller December 27, 2022 terms FOB destination, but not due to be received until January 3, 2023. What is Sauve's correct ending inventory balance at December 31, 2022? $430,000 $470,000 $510,000 $545,000
Transcribed Image Text:At December 31, 2022 Sauve Company's inventory records indicated a balance of $470,000. Upon further investigation it was determined that this amount included the following: $40,000 in inventory purchases made by Sauve shipped from the seller December 27, 2022 terms FOB destination, but not due to be received until January 3, 2023. What is Sauve's correct ending inventory balance at December 31, 2022? $430,000 $470,000 $510,000 $545,000
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