**Inventory Calculation Problem**Coronado Inc. took a physical inventory at the end of the year and determined that $790,000 of goods were on hand. In addition, Coronado, Inc. determined that $62,500 of goods that were in transit that were shipped f.o.b. shipping point were actually received two days after the inventory count and that the company had $87,000 of goods out on consignment. What amount should Coronado report as inventory at the end of the year?- ○ $790,000- ○ $939,500- ○ $867,000- ○ $877,000

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Description: **Inventory Calculation Problem**Coronado Inc. took a physical inventory at the end of the year and determined that $790,000 of goods were on hand. In addition, Coronado, Inc. determined that $62,500 of goods that were in transit that were shipped f

In case of F.O.B shipping, the ownership relating to goods is transferred to the purchaser (buyer)…

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Coronado Inc. took a physical inventory at the end of the year and determined that $790000 of goods were on hand. In addition, Coronado, Inc. determined that $62500 of goods that were in trans that were shipped f.o.b. shipping point were actually received two days after the inventory count and that the company had $87000 of goods out on consignment. What amount should Coronado report as inventory at the end of the year? O $790000. O $939500. O $867000. $877000.

Coronado Inc. took a physical inventory at the end of the year and determined that $790000 of goods were on hand. In addition, Coronado, Inc. determined that $62500 of goods that were in trans that were shipped f.o.b. shipping point were actually received two days after the inventory count and that the company had $87000 of goods out on consignment. What amount should Coronado report as inventory at the end of the year? O $790000. O $939500. O $867000. $877000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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