Computing the final value of inventory, Accounting Basics

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Computing the final value of inventory

The Metro Company has $248,655 in ending Inventory on their books at their December 31 year-end with the following transactions still unaccounted for. a. An invoice for $21,500 for material shipped F.O.B. Shipping Point on December 31. The material arrived on January 3. b. An Invoice for $16,450 for material shipped F.O.B. Destination on December 29. The Material arrived on Jan 4. c. A call from a customer holding $31,000 of material on consignment saying that they sold $8,000 of the material on December 30. d. A shipment of consignment material for your company store that arrived on December 29. The invoice was for $6,000. What is the final value of Inventory that Metro needs to show on their books at December 31?

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Accounting Basics: Computing the final value of inventory

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Accounting Basics: Computing the final value of inventory

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Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Computing the final value of inventory

Reference No:- TGS0517831

Recent Questions Asked Accounting Basics

Q : What is the after-tax return

Q : Impacts of organizations-outsourcing in recent years

Q : Calculating depreciation from given data

Q : Generic strategy and grand strategy for the organization

Q : Computing the final value of inventory

Q : Inventory turnover for the year

Q : Determine the price having cost plus pricing

Q : What is the cost per unit to produce model

Q : What profit margin percent will the company earn

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