B. Weighted average C.LIFO D.Specific identification E. All of these QUESTION 26

Question

B. Weighted average C.LIFO D.Specific identification E. All of these QUESTION 26 Given the following items and costs as of the balance sheet date, determine the value of Faltron Company's merchandise inventory $2,000 good -$3,000 owned by Faltron but in the possession of another company the consignee. - Damaged goods owned by Faltron which originally cost $4,000 but which now have a $500 net realizable value s sold by another company to Faltron. The goods are in transit and shipping terms are FOB destination A. $10,000 B. $6,500 OC.$5,500 D.$5,000 E. $4,500 QUESTION 27

Explanation / Answer

Answer is E. $ 4500. Explanation; Ending inventory is as under: Cost of goods sold in transit under FOB destination 1000 Cost of goods unsold held with consignee 3000 Net relizable value of damaged stock 500 Cost of Ending inventory 4500

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