Answered

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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 :

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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

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