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Find correct inventory amount to be reported in kwok

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Reference no: EM132968856

The Kwok Company's inventory balance on December 31, 2021, was $185,000 (based on a 12/31/2021 physical count) before considering the following transactions:

  1. Goods shipped to Kwok f.o.b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $34,000.
  2. Goods shipped to Kwok f.o.b. shipping point on December 28, 2021, were received on January 5, 2022. The invoice cost was $21,000.
  3. Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2021, were received by the customer on January 3, 2022. The sales price was $44,000 and the merchandise cost $26,000.
  4. Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2021, were received by the customer on December 30, 2021. The sales price was $24,000 and the merchandise cost $17,000.
  5. Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2021, were received by the customer on January 4, 2022. The sales price was $29,000 and the merchandise cost $16,000.

Required:

Problem 1: Determine the correct inventory amount to be reported in Kwok's 2021 balance sheet.

Reference no: EM132968856

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