Questions: 1) At December 31, 2014 Howell Company\' s inventory records indicate

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Questions:

1) At December 31, 2014 Howell Company' s inventory records indicated a balance of $858, 000. Upon further investigation it was determined that this amount included the following: $168,000 in inventory purchases made by Howell shipped. from the seller 12/27/14 terms FOB destination, but not due to be received until January 2nd $111,000 in goods sold by Howell with terms FOB destination on December 27th. The goods are not expected to reach their destination until January 6th. $9,000 of goods received on consignment from Westwood Company What is Howell' s correct ending inventory balance at December 31, 2014? a. $849, 000 b. $690,000 c. $570,000 d. $681, 000

Explanation / Answer

1]c

2]b

3]b

4]d

5]c

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