Business, 12.03.2021 15:10 swello1937

Concord Corporation just took its physical inventory on December 31. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $297,000. In reviewing the details of the count and related inventory transactions, you have discovered the following items had not been considered. 1. Concord has sent inventory costing $27,000 on consignment to Richfield Company. All of this inventory was at Richfield’s showrooms on December 31.
2. The company did not include in the count inventory (cost, $19,100) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31.
3. The company did not include in the count inventory (cost, $17,100) that was purchased with terms of FOB shipping point. The goods were in transit on December 31.

Required:
Compute the correct December 31 inventory.

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 17:10

Acompany manufactures hair dryers. it buys some of the components, but it makes the heating element, which it can produce at the rate of 920 per day. hair dryers are assembled daily, 250 days a year, at a rate of 360 per day. because of the disparity between the production and usage rates, the heating elements are periodically produced in batches of 2,300 units. a. approximately how many batches of heating elements are produced annually? b. if production on a batch begins when there is no inventory of heating elements on hand, how much inventory will be on hand 4 days later? c. what is the average inventory of elements, assuming each production cycle begins when there are none on hand?

Answers: 1

Answer

Business, 22.06.2019 12:30

Amap from a trade development commission or chamber of commerce can be more useful than google maps for identifying

Answers: 1

Answer

Business, 22.06.2019 19:00

What is an equation of the line in slope intercept formm = 4 and the y-intercept is (0,5)y = 4x-5y = -5x +4y = 4x + 5y = 5x +4

Answers: 1

Answer

Business, 22.06.2019 20:00

If a hotel has 100 rooms, and each room takes 25 minutes to clean, how many housekeepers working 8-hour shifts does the hotel need at 50 percent occupancy?

Answers: 1

Answer

You know the right answer?

Concord Corporation just took its physical inventory on December 31. The count of inventory items on...

Questions