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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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The following items were included in Venicio Corporation’s inventory account on December 31, 2019:

Chapter 7, Problem 2MC, The following items were included in Venicio Corporations inventory account on December 31, 2019:

What amount should Venicio report as inventory at December 31, 2019?

  1. a. $21,000
  2. b. $20,400
  3. c. $26,000
  4. d. $35,000

To determine

Calculate the amount of inventory that should be reported on December 31.

Explanation

Inventory: Inventory is the stock of goods bought by a wholesaler, or a retailer, or a trader, to be sold within a year. Merchandise Inventory is a current asset account which includes all the costs incurred to acquire merchandise, and process it further for sale.

Calculate the amount of inventory on December 31:

ParticularsAmount
Merchandise on assignment ($14,000×(1

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