As a result of a thorough physical inventory, Greeley Company determined that it had inventory worth $325,000 at December 31, 2020
30.
As a result of a thorough physical inventory, Greeley Company determined that it had inventory worth $325,000 at December 31, 2020. This count did not take into consideration the following facts: Walker Consignment currently has goods worth 547,000 on its sales floor that belong to Greeley but are being sold on consignment by Walker The selling price of these goods is $75,000. Greeley purchased $22,000 of goods that were shipped on December 27. FOB destination, that will be received by Greeley on January 3. Determine the correct amount of inventory that Greeley should report.
a. $325,000
b. $147,000
c.$372,000
d. $387,000
Homework Answers
| Answer 30 | ||
| Inventory | 325000 | |
| Correct treatment | 0 | ( will not be included since walker is not the owner of these goods ) |
| Correct treatment | 0 | ( will not be included since not received till now FOB destination) |
| 325000 | ||
| Option A is correct | ||
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