Marigold Corp. took a physical inventory on December 31 and determined that goods costing $209,500 were on hand. Not included in the physical count were $28,000 of goods purchased from Concord Corporation, FOB, shipping point, and $27,500 of goods sold to Skysong, Inc. for $31,000, FOB destination. Both the Concord purchase and the Skysong sale were in transit at year-end. What amount should Marigold report as its December 31 inventory? Ending Inventory $
Marigold Corp. took a physical inventory on December 31 and determined that goods costing $209,500 were on hand. Not included in the physical count were $28,000 of goods purchased from Concord Corporation, FOB, shipping point, and $27,500 of goods sold to Skysong, Inc. for $31,000, FOB destination. Both the Concord purchase and the Skysong sale were in transit at year-end. What amount should Marigold report as its December 31 inventory? Ending Inventory $
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...
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