Answered: MM inventory at Dec. 31, 2017, was…

Name: MM inventory at Dec. 31, 2017, was 1,500,000 based on physical count p
Uploaded: 2024-03-20T06:32:37.000Z
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Description: MM inventory at Dec. 31, 2017, was 1,500,000 based on physical count priced at cost, and before any adjustments for the ff.: -merchandise costing 90,000, shipped fob shipping point from a vendor on Dec. 30, 2017, was received and recorded on Jan. 5,

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 71APSA: Effects of an Inventory Error The income statements for Graul Corporation for the 3 years ending in...

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MM inventory at Dec. 31, 2017, was 1,500,000 based on physical count priced at cost, and before any adjustments for the ff.:

-merchandise costing 90,000, shipped fob shipping point from a vendor on Dec. 30, 2017, was received and recorded on Jan. 5, 2018.

-goods in the shipping area were excluded from the inventory although shipment was not made until Jan. 4, 2018. The goods billed to a customer fob shipping point on Dec. 30, 2017, costing 120,000.

What amount should MM report as inventory on Dec. 31, 2017?

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