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For each of the following calculate the cost of inventory reported on the bala
The following cost and inventory data were taken from the records of the Beca
September 15, 2020Fantastic Futons manufactures futons. The estimated number of futon sales for t
September 15, 2020For each of the following calculate the cost of inventory reported on the balance sheet.
a. The total merchandise on hand at the end of the year as determined by taking a physical inventory is $62000. Of the $62000
$8000 has been sold FOB destination and is awaiting pickup by the carrier.
b. The total merchandise inventory counted at the end of the year was $63000. Purchases for $6000 are in transit under FOB shipping
point terms.
c. The total merchandise inventory counted at the end of the year was $75000. Purchases for $5000 are in transit under FOB
destination terms.
