Question Solved1 Answer Multiple Choice Question 48 As a result of a thorough physical inventory, Sunland Company determined that it had inventory worth $319700 at December 31, 2018. This count did not take into consideration the following facts: Herschel Consignment currently has goods worth $46300 on its sales floor that belong to Sunland but are being sold on consignment by Herschel. The selling price of these goods is $75100. Sunland purchased $22000 of goods that were shipped on December 27, FOB destination, that will be received by Sunland on January 3. Determine the correct amount of inventory that Sunland should report. $339700. $366000. $319700. $386000.

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Transcribed Image Text: Multiple Choice Question 48 As a result of a thorough physical inventory, Sunland Company determined that it had inventory worth $319700 at December 31, 2018. This count did not take into consideration the following facts: Herschel Consignment currently has goods worth $46300 on its sales floor that belong to Sunland but are being sold on consignment by Herschel. The selling price of these goods is $75100. Sunland purchased $22000 of goods that were shipped on December 27, FOB destination, that will be received by Sunland on January 3. Determine the correct amount of inventory that Sunland should report. $339700. $366000. $319700. $386000.
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Transcribed Image Text: Multiple Choice Question 48 As a result of a thorough physical inventory, Sunland Company determined that it had inventory worth $319700 at December 31, 2018. This count did not take into consideration the following facts: Herschel Consignment currently has goods worth $46300 on its sales floor that belong to Sunland but are being sold on consignment by Herschel. The selling price of these goods is $75100. Sunland purchased $22000 of goods that were shipped on December 27, FOB destination, that will be received by Sunland on January 3. Determine the correct amount of inventory that Sunland should report. $339700. $366000. $319700. $386000.
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Goods sent on consignment should be included in the value of the inventory of the consignor. Goods purchased with the term FOB Destinatio ... See the full answer