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sign in to XFINITY WiFi × C erto.mteducation.com/hm tpr RegistrationDetails inte x, MCha Test connect. ACCOUNTING Ch. 8 Test Que 7. The Kwok Company's inventory balance on December 31, 2016, was $255,000 (based on a 12/31/16 physical count) before considering the following transactions 1. Goods shpped to Kwok f o b destination on December 20, 2016, were received on January 4, 2017 2. Goods shipped to Kwok fo b. shipping point on December 28, 2016, were received on January 5, 2017 3. Goods shipped from Kwok to a customer tob destination on December 27, 2016, were received by the 4 Goods shipped from Kwok to a customer t.o.b destination on December 26, 2016, were received by the The invoice cost was $48,000 The invoice cost was $35,000 customer on January 3·2017 The sales price was $58,000 and the merchandise cost $40,000 customer on December 30, 2016. The sales price was $38,000 and the merchandise cost $31,000 the customer on January 4, 2017. The sales price was $43,000 and the merchandise cost $30,000 shipped from Kwok to a custo" erfb, shppng point on December 28, 2016, were received by Required: Dertermine the corect inventory amount to be reported in Kwok's 2016 balance sheet eBook & Resources TOSHIE esc o/Explanation / Answer
inventory balance before adjustments 255000+
goods shipped to kwok f.o.b shipping point on dec 28 35000+
goods shipped to customer f.o.b destination on dec 27 40000=
correct inventory balance 330000
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