Wahoo Company took a physical inventory on December 31 and determined that goods costing $180,000...

50.1K

Verified Solution

Question

Accounting

Wahoo Company took a physical inventory on December 31 and determined that goods costing $180,000 were on hand. Not included in the physical count were $18,000 of goods purchased from Corner Corporation, FOB destination, and $27,000 of goods sold to Mincer Company for $40,000, FOB destination. Both the Corner purchase and the Mincer sale were in transit at yearend. What amount should Wahoo report as its December 31 inventory?

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