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Based on its physical count of inventory in its warehouse at year-end, December 31 of the current year, Plummer Company planned to report inventory of $35,300. During the audit, the independent CPA developed the following additional information:
Required:
Problem 1: Plummer's accounting policy requires including in inventory all goods for which it has title. Note that the point where title (ownership) changes hands is determined by the shipping terms in the sales contract. When goods are shipped "FOB shipping point," title changes hands at shipment and the buyer normally pays for shipping. When they are shipped "FOB destination," title changes hands on delivery, and the seller normally pays for shipping. Compute the correct amount for the ending inventory.
Last December 31, Ramon sold the 20 percent interest in the Del Sol Partnership that he had held for two years to Garrett for $587,500. Prior to selling his interest, Ramon’s basis in Del Sol was $298,000, which included a $101,000 share of nonrecour..
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question raintree company has brought land and a warehouse for 18000000. the warehouse is expected to last 20 years and
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