Reference no: EM13912808
The Controller for XYZ Company had recorded on his books a December year-end inventory value of $19,000, before any following adjustments. Below is information regarding XYZ Company for the month of December. You must decide which items may or may not affect the inventory balance:
12/22 Goods shipped from supplier A for $2,000, FOB Shipping Point were received into inventory. The payment terms from A were 2/10, n/30.
12/31 Sold $1,000 worth (cost) of merchandise to Customer B, FOB Destination. The goods are due to arrive on January 5th.
12/31 Paid for goods shipped from supplier A.
12/31 Goods shipped from supplier C for $4,000, FOB Shipping Point, payment terms 2/10, n/30.
12/31 Goods shipped from supplier D for $1,000, FOB Destination, payment terms 2/10, n/30.
12/31 Sold $4,000 worth (cost) of merchandise to Customer E, FOB Shipping Point. The goods are due to arrive on January 6th.
Calculate the December 31st ending inventory balance.
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