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Kimmel, Financial Accounting, Seventh Canadian Edition PRINTER VERSION BACK Brief Exercise 6-2 The Monty Hat Shop Limited counted the entire Inventory in its store on July 31 and arrived at a total inventory cost of $100,000. The count included $7,400 of inventory held on consignment for a local designer; $480 of inventory that was being held for customers who were deciding if they actually wanted to purchase the merchandise; and $1,000 of inventory that had been sold to customers but was being held for alterations. There were two shipments of inventory received on September 1. The first shipment cost $5,300. It had been shipped on July 30, terms FOB destination. The second ship nent cost $4.560, plus f eight charges of S240. It had been shipped on July 27, ter s F08 shipo ng point, Neither of these she e ts i as r cluded n th) er ti on Calculate the correct cost of the inventory on July 31 Inventory cost Question Attempts: 0 of 3 used SAVE RR uTER MIT ANSWER Kimmel, Financial Accounting, Seventh Canadian Edition PRINTER VERSION BACK Brief Exercise 6-2 The Monty Hat Shop Limited counted the entire Inventory in its store on July 31 and arrived at a total inventory cost of $100,000. The count included $7,400 of inventory held on consignment for a local designer; $480 of inventory that was being held for customers who were deciding if they actually wanted to purchase the merchandise; and $1,000 of inventory that had been sold to customers but was being held for alterations. There were two shipments of inventory received on September 1. The first shipment cost $5,300. It had been shipped on July 30, terms FOB destination. The second ship nent cost $4.560, plus f eight charges of S240. It had been shipped on July 27, ter s F08 shipo ng point, Neither of these she e ts i as r cluded n th) er ti on Calculate the correct cost of the inventory on July 31 Inventory cost Question Attempts: 0 of 3 used SAVE RR uTER MIT

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