Exercise 8-6 (Algo) Goods in transit [LO8-2] The Kwik...
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Exercise 8-6 (Algo) Goods in transit [LO8-2] The Kwik Company's inventory balance on December 31, 2024, was $245,000 (based on a 12/31/2024 physical count) before considering the following transactions: 1. Goods shipped to Kwik f.o.b. destination on December 20, 2024, were received on January 4, 2025. The invoice cost was $46,000. 2. Goods shipped to Kwik f.o.b. shipping point on December 28, 2024, were received on January 5, 2025. The invoice cost was $33,000. 3. Goods shipped from Kwik to a customer f.o.b. destination on December 27, 2024, were recelved by the customer on January 3. 2025. The sales price was $56,000 and the inventory cost $38,000. 4. Goods shipped from Kwik to a customer f.o.b. destination on December 26, 2024, were recelved by the customer on December 30, 2024. The sales price was $36,000 and the inventory cost $29,000. 5. Goods shipped from Kwik to a customer f.o.b. shipping point on December 28, 2024, were recelved by the customer on January 4, 2025. The sales price was $41,000 and the inventory cost $28,000. Required: Determine the correct inventory amount to be reported in Kwik's 2024 balance sheet
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