The Zenith Company sells tablet computers for outdoor use that are waterproof, shock resistant and run on solar power. The following information has been extracted from the records of Zenit Jan 1: Beginning Inventory of 7,000 units @ $4 each Jan 10: Bought 12,000 units @ $3 Jan 15: Sold 14,000 units @ $8 Jan 30: Bought 8,000 units @ $5 If Zenith bought on account a purchase of 4,000 units on January 28, terms FOB Destination, which was not received by the time of the January 31 physical inventory count, then Zenith should Multiple Choice None of the other alternatives are correct Ignore this purchase in the January financial statements Record the payable but wait until the 4,000 units arrive to add them to inventory Add the 4,000 units to inventory but wait until the invoice is received to record the payable Record the purchase in the January financial statements

The Zenith Company sells tablet computers for outdoor use that are waterproof, shock resistant and run on solar power. The following information has been extracted from the records of Zenit Jan 1: Beginning Inventory of 7,000 units @ $4 each Jan 10: Bought 12,000 units @ $3 Jan 15: Sold 14,000 units @ $8 Jan 30: Bought 8,000 units @ $5 If Zenith bought on account a purchase of 4,000 units on January 28, terms FOB Destination, which was not received by the time of the January 31 physical inventory count, then Zenith should Multiple Choice None of the other alternatives are correct Ignore this purchase in the January financial statements Record the payable but wait until the 4,000 units arrive to add them to inventory Add the 4,000 units to inventory but wait until the invoice is received to record the payable Record the purchase in the January financial statements

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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