ABC Co. provided you the following information for the purpose of determining the amount of its inventory as of Dec. 31, 2019 3,800,000 13,600,000 1,600,000 Goods located at the warehouse (physical count) Goods located at the sales department (at cost) Goods in-transit purchased FOB destination Goods in-transit purchased FOB shipping point Freight incurred for goods purchased under FOB shipping point 2,100,000 60,000 Goods held on consignment from XYZ, Inc. 1,800,000 How much is the total inventory on Dec. 31, 2019?
ABC Co. provided you the following information for the purpose of determining the amount of its inventory as of Dec. 31, 2019 3,800,000 13,600,000 1,600,000 Goods located at the warehouse (physical count) Goods located at the sales department (at cost) Goods in-transit purchased FOB destination Goods in-transit purchased FOB shipping point Freight incurred for goods purchased under FOB shipping point 2,100,000 60,000 Goods held on consignment from XYZ, Inc. 1,800,000 How much is the total inventory on Dec. 31, 2019?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 6E: Goods in Transit Gravais Company made two purchases on December 29, 2019. One purchase for 3,000 was...
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Transcribed Image Text:Illustration 1: Total Inventory
ABC Co. provided you the following information for the purpose of
determining the amount of its inventory as of Dec. 31, 2019
3,800,000
13,600,000
1,600,000
Goods located at the warehouse (physical count)
Goods located at the sales department (at cost)
Goods in-transit purchased FOB destination
Goods in-transit purchased FOB shipping point
Freight incurred for goods purchased under FOB
shipping point
2,100,000
60,000
Goods held on consignment from XYZ, Inc.
1,800,000
How much is the total inventory on Dec. 31, 2019?
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