Conducting a physical inventory, MaxMar determined that it had inventory worth $325,000 at December 31, 2019....
Conducting a physical inventory, MaxMar determined that it had inventory worth $325,000 at December 31, 2019. This count did not take into consideration that MaxMar company is holding Consignment goods of $47,000 on its sales floor that belong to Saleh Khalf company. Determine the correct amount of inventory that MaxMar should report on 31, Dec
Select one:
a. $300,000.
b. $278,000.
c. $372,000.
d. $325,000.
Homework Answers
Solution :
The correct answer is Option C $372,000.
CALCULATION OF AMOUNT OF INVENTORY THAT MaxMar SHOULD REPORT ON 31,DEC
Physical inventory...............................................$325,000
ADD: Consignment goods............................................$47,000
TOTAL..................................................$372,000
correct amount of inventory that MaxMar should report on 31, Dec is $372,000
NOTE: For goods sent on consignment, the ownership still lies with the consignor until the goods are sold to a third party. And this goods are valued at cost only because they are not yet realised to be valued at market value.
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