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Wildhorse Co. just took its physical inventory on December 31. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $ 289,300. In reviewing the details of the count and related inventory transactions, you have discovered the following items that had not been considered. 1. Wildhorse has sent inventory costing $ 30,510 on consignment to Richfield Company. All of this inventory was at Richfield's showrooms on December 31. 2. The company did not include in the count inventory (cost, $ 18,270) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. The company did not include in the count inventory (cost, $ 12,840) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. 3. Compute the correct December 31 inventory. Correct December 31 inventory %24

Wildhorse Co. just took its physical inventory on December 31. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $ 289,300. In reviewing the details of the count and related inventory transactions, you have discovered the following items that had not been considered. 1. Wildhorse has sent inventory costing $ 30,510 on consignment to Richfield Company. All of this inventory was at Richfield's showrooms on December 31. 2. The company did not include in the count inventory (cost, $ 18,270) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. The company did not include in the count inventory (cost, $ 12,840) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. 3. Compute the correct December 31 inventory. Correct December 31 inventory %24

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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NWP Assessment Player UI Ap X + -> A education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=c59069c8-77ac-43ad-888c-80c06e514aa6#/question/0 Update : Apps M Gmail YouTube P MyLab & Masterin... E Brytewave eReader E Home | North Car... VitalSource Books... GRLContent WP WileyPLUS E Reading List E Chapter 6.A Homework Question 1 of 6 > -/3 View Policies Current Attempt in Progress Wildhorse Co. just took its physical inventory on December 31. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $ 289,300. In reviewing the details of the count and related inventory transactions, you have discovered the following items that had not been considered. 1. Wildhorse has sent inventory costing $ 30,510 on consignment to Richfield Company. All of this inventory was at Richfield's showrooms on December 31. The company did not include in the count inventory (cost, $ 18,270) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. 2. The company did not include in the count inventory (cost, $ 12,840) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. 3. Compute the correct December 31 inventory. Correct December 31 inventory eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer II %24
Transcribed Image Text:NWP Assessment Player UI Ap X + -> A education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=c59069c8-77ac-43ad-888c-80c06e514aa6#/question/0 Update : Apps M Gmail YouTube P MyLab & Masterin... E Brytewave eReader E Home | North Car... VitalSource Books... GRLContent WP WileyPLUS E Reading List E Chapter 6.A Homework Question 1 of 6 > -/3 View Policies Current Attempt in Progress Wildhorse Co. just took its physical inventory on December 31. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $ 289,300. In reviewing the details of the count and related inventory transactions, you have discovered the following items that had not been considered. 1. Wildhorse has sent inventory costing $ 30,510 on consignment to Richfield Company. All of this inventory was at Richfield's showrooms on December 31. The company did not include in the count inventory (cost, $ 18,270) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. 2. The company did not include in the count inventory (cost, $ 12,840) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. 3. Compute the correct December 31 inventory. Correct December 31 inventory eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer II %24
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