5-Principle 1introduction to Entrepreneu 1-Blank page genow.com/flm/takeAssignme

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5-Principle 1introduction to Entrepreneu 1-Blank page genow.com/flm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionocator-assignment-; take&inprogress0; n xerc eBook Calculator Ending Inventory Costs Sandy Chen owns a small specialty store, named Chen's Chattel, whose year-end is June 30. A physical inventory taken on June 30 reveals the following: Cost of merchandise on the showroom floor and in the warehouse Goods held on consignment (consignor is National Manufacturer Goods that Chen's Chattel, as the consignor, has for sale at the location of the Grand Avenue Vista Sales invoices indicate that merchandise was shipped on June 29, terms FOB shipping point, delivered at buyer's receiving dock on July 3 Sales invoices indicate that merchandise was shipped on June 25, terms FOB destination, delivered at buyer's receiving 3,100 dock on July 5 Determine the total amount that should be included in Chen's Chattel's year-end inventory $36,800 6,400 4,600 3,800

Explanation / Answer

Physical inventory on June 30 36800 Add: Goods held as consignor in other location 4600 Add: Goods sold on FOB destination terms not received by buyer 3100 Less: Goods in showroom held as consignee -6400 Amouunt of Inventory to be included in financial Statement 38100

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