Jack Co.’s inventory on December 31, 2005 was $1,100,000, ba…
Jack Co.’s inventory on December 31, 2005 was $1,100,000, based on a physical count priced at cost, and before any necessary adjustment for the following: Merchandise costing $40,000, shipped FOB shipping point from a vendor on December 30, 2005, was received and recorded on January 5, 2006. Goods in the shipping area were excluded from inventory although shipment was not made until January 4, 2006. The goods, billed to the customer FOB shipping point on December 30, 2005, had a cost of $100,000 (and were not set aside for the customer). What amount should Jack report as inventory in its December 31, 2005, balance sheet?
Jack Co.’s inventory on December 31, 2005 was $1,100,000, ba…
Questions
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Jаck Cо.'s inventоry оn December 31, 2005 wаs $1,100,000, bаsed on a physical count priced at cost, and before any necessary adjustment for the following: Merchandise costing $40,000, shipped FOB shipping point from a vendor on December 30, 2005, was received and recorded on January 5, 2006. Goods in the shipping area were excluded from inventory although shipment was not made until January 4, 2006. The goods, billed to the customer FOB shipping point on December 30, 2005, had a cost of $100,000 (and were not set aside for the customer). What amount should Jack report as inventory in its December 31, 2005, balance sheet?