Don't provide answer in image format The Kwok Company's inventory balance on December 31, 2021, was $165,000 (based on a12/31/2021 physical count) beforeconsidering the following transactions:1. Goods shipped to Kwok f.o.b. destination on December 20, 2021, were received on January4, 2022. The invoice cost was $30,000.2. Goods shipped to Kwok f.o.b. shipping point on December 28, 2021, were received onJanuary 5, 2022. The invoice cost was $17,000.3. Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2021, werereceived by the customer on January 3, 2022. The sales price was $40,000 and themerchandise cost $22,000.4. Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2021, werereceived by the customer on December 30, 2021. The sales price was $20,000 and themerchandise cost $13,000.5. Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2021, werereceived by the customer on January 4, 2022. The sales price was $25,000 and themerchandise cost $12,000.Required:Determine the correct inventory amount to be reported in Kwok's 2021 balance sheet.

Name: Don't provide answer in image format The Kwok Company's inventory bala
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Don't provide answer in image format The Kwok Company's inventory balance on December 31, 2021, was $165,000 (based on a12/31/2021 physical count) beforeconsidering the following transactions:1. Goods shipped to Kwok f.o.b. destination on December 20