Flash Company's inventory at June 30,2014,was $75,000 based on a physical count of goods priced at cost,and before any necessary year-end adjustment relating to the following: What amount should Flash report as inventory on its June 30,2014,balance sheet?

Question

Flash Company's inventory at June 30,2014,was $75,000 based on a physical count of goods priced at cost,and before any necessary year-end adjustment relating to the following:  What amount should Flash report as inventory on its June 30,2014,balance sheet?

Quizplus · Accepted Answer

The question states that the inventory was valued at cost and before any necessary year-end adjustment. Therefore, there is no reason to adjust the inventory value from the $75,000 already recorded. Since the question asks for the amount that Flash should report as inventory on its balance sheet, the answer is the same as the original inventory value, which is $75,000. Therefore, the correct choice is C.

Flash Company's Inventory at June 30,2014,was $75,000 Based on a Physical