Jensen tire had two large shipments in transit at december, Ask an Expert

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Jensen Tire had two large shipments in transit at December 31. One was $130,000 inbound shipment of merchandise (shipped December 28, F.O.B. Shipping point), which arrived at jensen'ts receiving doc on Jan 2. The other shipment was $95,000 outbound shipment of merchandise to a customer, which was shipped and billed by Jensen on December 30 (terms F.O.B. shiping point) and reached the customer on Jan 3.

In taking ap physical inventory on December 31, jensen counted all goods on hand and priced the inventory on the basis of average cost. The total inventory amount was $600,000. no goods in transit were included in this figure.

What amount should apprea as inventory on the company's balance sheet at December 31? explain. if you indicate an amount other than $600,000, state which asset or liability other than inventory also would be changed in amount, assuming that all inventory purchases are made on credit.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92049653

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