As a result of a thorough physical inventory, Ulalam Company determined that it had inventory worth $180,000 at December 31, 2020. This count did not take into consideration the following facts: Miya Consignment store currently has goods worth P35,000 on its sales floor that belong to Ulalam but are being sold on consignment by Miya. The selling price of these goods is $50,000. Ulalam purchased $13,000 of goods that were shipped on December 27, FOB destination, that will be received by Ulalam on January 3. How much is the correct amount of inventory to be reported in Ulalam Company’s statement of financial position?
As a result of a thorough physical inventory, Ulalam Company determined that it had inventory worth $180,000 at December 31, 2020. This count did not take into consideration the following facts: Miya Consignment store currently has goods worth P35,000 on its sales floor that belong to Ulalam but are being sold on consignment by Miya. The selling price of these goods is $50,000. Ulalam purchased $13,000 of goods that were shipped on December 27, FOB destination, that will be received by Ulalam on January 3. How much is the correct amount of inventory to be reported in Ulalam Company’s statement of financial position?
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 11P: Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015....
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As a result of a thorough physical inventory, Ulalam Company determined that it had inventory worth $180,000 at December 31, 2020. This count did not take into consideration the following facts: Miya Consignment store currently has goods worth P35,000 on its sales floor that belong to Ulalam but are being sold on consignment by Miya. The selling price of these goods is $50,000. Ulalam purchased $13,000 of goods that were shipped on December 27, FOB destination, that will be received by Ulalam on January 3. How much is the correct amount of inventory to be reported in Ulalam Company’s
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