For each of the following, calculate the cost of inventory
reported on the balance sheet.
(a)
The total...
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Accounting
For each of the following, calculate the cost of inventoryreported on the balance sheet.
(a)
The total inventory on hand at the end of the year asdetermined by taking a physical inventory is $62,000. Ofthe $62,000, $8,000 has been sold FOB destination and is awaitingpickup by the carrier.
(b)
The total inventory counted at the end of the year was $63,000.Excluded from the count were purchases of $6,000 in transit underFOB shipping point terms.
(c)
The total inventory counted at the end of the year was $75,000.Excluded from the count were purchases of $5,000 in transit underFOB destination terms.
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