For each of the following,calculate the cost of inventory reported on the balance sheet.
(a) The total merchandise inventory counted at the end of the year was $\$ 73,000$. Purchases for $\$ 5,000$ are in transit under $\mathrm { FOB }$ shipping point terms.

(b) The total merchandise inventory counted at the end of the year was $\$ 75,000$. Purchases for $\$ 5,000$ are in transit under $\mathrm { FOB }$ destination point terms.

Question

For each of the following,calculate the cost of inventory reported on the balance sheet.
 (a) The total merchandise inventory counted at the end of the year was $\$ 73,000$. Purchases for $\$ 5,000$ are in transit under $\mathrm { FOB }$ shipping point terms.

(b) The total merchandise inventory counted at the end of the year was $\$ 75,000$. Purchases for $\$ 5,000$ are in transit under $\mathrm { FOB }$ destination point terms.

Quizplus · Accepted Answer

The Answer of For each of the following,calculate the cost of inventory reported on the balance sheet.
 (a) The total merchandise inventory counted at the end of the year was $\$ 73,000$. Purchases for $\$ 5,000$ are in transit under $\mathrm { FOB }$ shipping point terms.

(b) The total merchandise inventory counted at the end of the year was $\$ 75,000$. Purchases for $\$ 5,000$ are in transit under $\mathrm { FOB }$ destination point terms.

For Each of the Following,calculate the Cost of Inventory Reported $73,000\$ 73,000$73,000

For Each of the Following,calculate the Cost of Inventory Reported $\$ 73,000$