On December 31 of the current year, Plunkett Company reported an ending inventory balance of $217,000....
On December 31 of the current year, Plunkett Company reported an
ending inventory balance of $217,000. The following additional
information is also available:
- Plunkett sold and shipped goods costing $38,400 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending inventory amount of $217,000.
- Plunkett purchased goods costing $44,400 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of the following year. The shipment was a rush order that was supposed to arrive by December 31. These goods were included in the ending inventory balance of $217,000.
- Plunkett's ending inventory balance of $217,000 included $15,400 of goods being held on consignment from Carole Company. (Plunkett Company is the consignee.)
- Plunkett's ending inventory balance of $217,000 did not include goods costing $95,400 that were shipped to Plunkett on December 27 with shipping terms of FOB destination and were still in transit at year-end.
Based on the above information, the amount that Plunkett should
report in ending inventory on December 31 is:
-
$201,600
-
$157,200
-
$195,600
-
$172,600
-
$211,000
Homework Answers
Answer:
b. $157,200
$217,000 - $44,400 - $15,400
1)$38,400 to Savannah Enterprises on December 28 not included correctly. FOB Shipping Point means title to goods passed from Plunkett to Savannah Enterprises at the time they were shipped.
2) $44,400 These cost should not be included in the inventory balance since the goods were shipped FOB destination
3) 15,400 these cost should not be included in the inventory balance since these goods are still held by consignor
4)95,400 that were shipped to Plunkett on December 27 also correctly not included. Shipping terms FOB destination means title to ownership of the goods passes at destination
Add Answer to:
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