FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Bell Inc. took a physical inventory at
the end of the year and determined that
$780,000 of goods were on hand. In
addition, the following items were not
included in the physical count/ Bell,
Inc. determined that $60,000 of goods
that were in transit that were shipped
f.o.b. destination point were actually
received two days after the inventory
count and that the company had
$90,000 of goods out on consignment.
What amount should Bell report as
inventory at the end of the year?
(When writing your answer do not
use commas or sign of the dollar.
For example, if your answer is
$1,500, write it as 1500)
Answer:
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Transcribed Image Text:Bell Inc. took a physical inventory at the end of the year and determined that $780,000 of goods were on hand. In addition, the following items were not included in the physical count/ Bell, Inc. determined that $60,000 of goods that were in transit that were shipped f.o.b. destination point were actually received two days after the inventory count and that the company had $90,000 of goods out on consignment. What amount should Bell report as inventory at the end of the year? (When writing your answer do not use commas or sign of the dollar. For example, if your answer is $1,500, write it as 1500) Answer:
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