Marigold Inc. took a physical inventory at the end of the year and determined that $777000 of goods were on hand. In addition, Marigold, Inc. determined that $ 57500 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 $ 87000 of goods out on consignment. What amount should Marigold report as inventory at the end of the year? O $ 921500. O $777000. O $854000. O $864000.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Marigold Inc. tookaphysical inventory at the end of the year and determined that $777000 of goods were on hand. In addition,
Marigold, Inc. determined that $ 57500 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 $ 87000 of goods out on consignment. What amount should Marigold report
as inventory at the end of the year?
O $ 921500.
O $777000.
O $854000.
O $864000.
Transcribed Image Text:Marigold Inc. tookaphysical inventory at the end of the year and determined that $777000 of goods were on hand. In addition, Marigold, Inc. determined that $ 57500 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 $ 87000 of goods out on consignment. What amount should Marigold report as inventory at the end of the year? O $ 921500. O $777000. O $854000. O $864000.
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