Near the end of 2015, Wilson Co. made the following purchases. The months involved in all cases are December 2020 and January 2021. 6. Date Date Date Date Goods Invoice Goods Invoice Amount FOB $1,575 Destination 2,430 Shipping Point 1,890 Shipping Point 2,700 Destination Shipped 12/29 Mailed 1/2 Rec'd 1/5 1/4 Rec'd 1/4 1/2 12/29 12/30 12/28 1/2 1/3 1/2 1/4 12/29 12/27 12/28 What amount of the above purchases should be included in inventory at December 31, 2020? a. $1,575 b. $1,890 c. $4,320 d. $4,575
Near the end of 2015, Wilson Co. made the following purchases. The months involved in all cases are December 2020 and January 2021. 6. Date Date Date Date Goods Invoice Goods Invoice Amount FOB $1,575 Destination 2,430 Shipping Point 1,890 Shipping Point 2,700 Destination Shipped 12/29 Mailed 1/2 Rec'd 1/5 1/4 Rec'd 1/4 1/2 12/29 12/30 12/28 1/2 1/3 1/2 1/4 12/29 12/27 12/28 What amount of the above purchases should be included in inventory at December 31, 2020? a. $1,575 b. $1,890 c. $4,320 d. $4,575
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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