Business, 08.04.2020 05:04 Thelazysandwich

The Kwok Company’s inventory balance on December 31, 2021, was $255,000 (based on a 12/31/2021 physical count) before considering the following transactions: Goods shipped to Kwok f. o.b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $48,000. Goods shipped to Kwok f. o.b. shipping point on December 28, 2021, were received on January 5, 2022. The invoice cost was $35,000. Goods shipped from Kwok to a customer f. o.b. destination on December 27, 2021, were received by the customer on January 3, 2022. The sales price was $58,000 and the merchandise cost $40,000. Goods shipped from Kwok to a customer f. o.b. destination on December 26, 2021, were received by the customer on December 30, 2021. The sales price was $38,000 and the merchandise cost $31,000. Goods shipped from Kwok to a customer f. o.b. shipping point on December 28, 2021, were received by the customer on January 4, 2022. The sales price was $43,000 and the merchandise cost $30,000.

Required: Determine the correct inventory amount to be reported in Kwok’s 2021 balance sheet.

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The Kwok Company’s inventory balance on December 31, 2021, was $255,000 (based on a 12/31/2021 physi...

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