Answered

Welcome to Westonci.ca, the ultimate question and answer platform. Get expert answers to your questions quickly and accurately. Connect with professionals on our platform to receive accurate answers to your questions quickly and efficiently. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.

Arendelle Enterprises has inventory of $667,000 in its stores as of December 31. It also has two shipments in-transit that left the suppliers' warehouses by December 28. Both shipments are expected to arrive on January 5. The first shipment of $128,000 was sold f.o.b. destination and the second shipment of $80,000 was sold f.o.b. shipping point. What amount of inventory should Arendelle report on its balance sheet as of December 31

Sagot :

abiolataiwo2015

Answer:

$747,000

Explanation:

Calculation to determine What amount of inventory should Arendelle report on its balance sheet as of December 31

December 31 Inventory $667,000

Add Second shipment f.o.b. shipping point of $80,000

December 31 Inventory $747,000

($667,000+$80,000)

Therefore What amount of inventory should Arendelle report on its balance sheet as of December 31 is $747,000

Thanks for using our service. We aim to provide the most accurate answers for all your queries. Visit us again for more insights. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Keep exploring Westonci.ca for more insightful answers to your questions. We're here to help.