Concord Inc. took a physical inventory at the end of the year and determined that $832000 of goods were on hand. In addition, the following items were not included in the physical count. Concord, Inc. determined that $97000 of goods purchased were in transit that were shipped f.o.b. destination (goods were actually received by the company three days after the inventory count). The company sold $39500 worth of inventory f.o.b. destination that did not reach the destination yet. What amount should Concord report as inventory at the end of the year?

Vibrant Company had $970,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased merchandise costing $535,000 in each of those years. It also maintained a $270,000 physical inventory from the beginning to the end of that three-year period. In accounting for inventory, it made an error at the end of Year 1 that caused its Year 1 ending inventory to appear on its statements as $250,000 rather than the correct $270,000. 1. Determine the correct amount of the company's gross profit in each of Year 1, Year 2, and Year 3. 2. Prepare comparative income statements to show the effect of this error on the company's cost of goods sold and gross profit for each of Year 1, Year 2, and Year 3. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the correct amount of the company's gross profit in each of Year 1, Year 2, and Year 3. VIBRANT COMPANY Comparative Income Statements Year 2 Cost of goods sold Cost of goods sold Gross profit Year 1…

Kwafja Ltd. made only three purchases of a particular item of merchandise during its first year of operation. Each purchase was for 100 units and the prices paid were $41 per unit in the first purchase, $42 per unit in the second purchase, and $46 per unit in the third purchase. The ending inventory consisted of 150 units. Under the first-in, first-out method, the value assigned to the ending inventory would be: O a) $6 200 Ob) $6 450 O c) $6 500 O d) $6 700

S Vibrant Company had $1,050,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased merchandise costing $575,000 in each of those years. It also maintained a $350,000 physical inventory from the beginning to the end of that three-year period. In accounting for inventory, it made an error at the end of Year 1 that caused its Year 1 ending inventory to appear on its statements as $330,000 rather than the correct $350,000. 1. Determine the correct amount of the company's gross profit in each of Year 1, Year 2, and Year 3. 2. Prepare comparative income statements to show the effect of this error on the company's cost of goods sold and gross profit for each of Year 1, Year 2, and Year 3. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare comparative income statements to show the effect of this error on the company's cost of goods sold and gross profit for each of Year 1, Year 2 Year 3. Cost of goods sold Cost of goods sold Gross…