A listing of the Minerva Company's inventory items at the end of 2007 totals $85,000. Included...
A listing of the Minerva Company's inventory items at the end of 2007 totals $85,000. Included in this amount are the following items:
|
Merchandise in transit as of 12/21/2007, purchased FOB |
|
|
shipping point |
$5,800 |
|
Goods held by Minerva as consignee from Nirvana |
6,000 |
|
Goods out on consignment, at cost plus 50% |
|
|
markup on cost plus $100 delivery charge. |
4,600 |
What is the dollar amount of Minerva's 2007 ending inventory that should be reported on the balance sheet?
|
a. |
$73,100 |
|
b. |
$79,200 |
|
c. |
$79,000 |
|
d. |
$77,500 |
Homework Answers
| Dollar amount of Minerva's 2007 ending inventory: | ||
| Inventory reported | 85000 | |
| Goods held as consignee | -6000 | |
| Excess amount included for goods on consignment | -1500 | =(4600-100)/150%*50% |
| Correct inventory value | 77500 | |
| Option D is correct | ||
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