Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a physical count of ayayai company's inventory at

A physical count of Ayayai Company's inventory at year-end determined that inventory on hand had...

50.1K

Verified Solution

Question

Accounting

image
A physical count of Ayayai Company's inventory at year-end determined that inventory on hand had a value of $1,600,000. Upo further investigation, it was determined that this amount included the following: 1. An inventory purchase of $50,000 made by Ayayai shipped from Blossom Company on December 28 with terms FOB destination, but not due to be received until January 3. 2. Goods shipped to a customer with a cost of $70,000 with terms FOB destination on December 29, but not expected to reach their destination until January 3. 3. Goods shipped to a customer with a cost of $54,000 with terms FOB shipping point on December 30, but not expected to reach their destination until January 5. 4. Goods held on consignment from Florence Company with a cost $15,000. Compute the amount that should be reported for inventory on Ayayai Company's balance sheet at December 31, 2022. Balance sheet $

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

Biology
1.2K views

From the article, \"Am I a Girl, or a Boy? An Unusual Case of Ambiguous Gender\",...

Basic Math
1.2K views

A tree standing vertically on level ground casts a 103 foot long shadow. The angle...

Accounting
1.2K views

A firm's marketing department estimated a simple regression model between two...

Accounting
1.2K views

Jasmine Company manufactures both pesticide and liquid fertilizer, with each product manufactured in...

Accounting
1.2K views

A home and garden equipment retailer acquires a used lawnmower tractor for $800. Additional costs...

Accounting
1.2K views

Samson Winery in Pleasant Valloy, New York, has two departments: Formenting and Packaging. Direct materials...

Accounting
1.2K views

Action Items Read the article below: Information Systems and Internal Control. Write: Develop a...

Accounting
1.2K views

Use the following information to answer Question. The Furniture Division of Waverly Company reports the...

Accounting
1.2K views

Sweeten Company had no jobs in progress at the beginning of the year and no...

Accounting
1.2K views

Exercise 13-2(Algo) Dropping or Retaining a Segment [LO13-2] The Regal Cycle Company manufactures...

Accounting
1.2K views

give examples of Dilutive Securities and discuss how they impact the Earnings Per Share calculation?