Question about inventory: On December 21, 2020, star Company purchased goods and paid the following: - Purchase price $40,000, and payment will be made within 6 months. The cash purchase price is $38,000. - Shipping the goods $4000 Advertisements in newspapers about the arrival of the goods $1500. On December 31, 2020, it was found that 20% of the goods are still on the hand of the company. Required: How much inventory cost will appear in the financial position on December 31, 2020.

Question about inventory: On December 21, 2020, star Company purchased goods and paid the following: - Purchase price $40,000, and payment will be made within 6 months. The cash purchase price is $38,000. - Shipping the goods $4000 Advertisements in newspapers about the arrival of the goods $1500. On December 31, 2020, it was found that 20% of the goods are still on the hand of the company. Required: How much inventory cost will appear in the financial position on December 31, 2020.

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 39BE

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