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Question 2 On December 31,2022, Sombreros Company's inventory balance was $45,000. The balance...

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Accounting

Question 2
On December 31,2022, Sombreros Company's inventory balance was $45,000. The balance included the following items:
$5,000 of purchased goods were in transit, shipped FOB destination on December 28,2022, due to arrive January 2.
$1,200 of goods received on consignment from Chapeau Company.
$2,500 of purchased goods were in transit, shipped FOB shipping point on December 27, due to arrive January 2.
What is Sombrero's correct ending inventory on December 31?
Selected Answer:
b. $36,300.
Answers:
a. $42,500.
b. $36,300.
c. $38,800.
d. $45,000.
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