Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 22 the constance corporation's inventory at decemb

22 The Constance Corporation's inventory at December 31, 2021, was $128,000 (at cost) based on...

60.1K

Verified Solution

Question

Accounting

image
22 The Constance Corporation's inventory at December 31, 2021, was $128,000 (at cost) based on a physical count of inventory on hand. No adjustments have been made for the following: ed out of ag tion Merchandise costing $18,000, shipped f.o.b. shipping point from a vendor on December 27, 2021, was received by Constance on January 5, 2022. Merchandise costing $48,000 was shipped to a customer f.o.b. shipping point on December 28, 2021, arrived at the customer's location on January 6, 2022. Merchandise costing $24,000 was being held by Jess Company on consignment from Constance. What amount should Constance Corporation report as inventory in its December 31, 2021, balance sheet? Select one: A. $146,000. B. $163,700. C. $122,000. D. $170,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

ACTION POTENTIAL (AP) ON A NEURON 1.     For each of the following channels, indicate what specifically opens it, what...

Physics
1.2K views

Pose a real life problem situation, where you need mechanical physics to solve it. The problem...

Mechanical Engineering
1.2K views

Air enters the compressor of an air-standard Brayton cycle with a volumetric flow rate of 60...

Economics
1.2K views

give a full definition of the foreign exchange market?

General Management
1.2K views

my product is swimwear Create a list of products that you sell, who your target market is, how...

Physics
1.2K views

A solid conducting sphere of radius a is surrounded by a thin uncharged concentric conducting...

Algebra
1.2K views

4 4cos 8 2 J A S 3 5 C 3 5 4 9 3...

Accounting
1.2K views

[The following information applies to the questions displayed below.] You have just been...

Accounting
1.2K views

What is the preferred way to value the non-controlling interest in a subsidiary at the...

Accounting
1.2K views

The December 31, 2020 trial balance of the ABC County general fund, before adjusting and...

Accounting
1.2K views

Sang hoon who uses the cash method of accounting lives in a state that imposes...

Accounting
1.2K views

Suppose you decide to have a concrete patio built along your house. You are considering...