Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. can there be a break down of the problem. blue s

Can there be a break down of the problem. Blue Spruce Corp. just...

80.2K

Verified Solution

Question

Accounting

Can there be a break down of the problem. image

Blue Spruce Corp. 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 $290,800. In reviewing the details of the count and related inventory transactions, you have discovered the following items that had not been considered 1. Blue Spruce Corp. has sent inventory costing $28,880 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, $19,850) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. 3. The company did not include in the count inventory (cost, $12,510) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. Compute the correct December 31 inventory. Correct December 31 inventory s

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