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Coronado Inc. took a physical inventory at the end of the year and determined that $841000 of goods were on hand. In addition, the following items were not included in the physical count. Coronado, Inc. determined that $94500 of goods purchased were in transit that were shipped f.o.b. destination (goods were actually received by the company three days after the inventory count). The company sold $41500 worth of inventory f.o.b. destination that did not reach the destination yet. What amount should Coronado report as inventory at the end of the year

Respuesta :

umairfeb221999

Answer:

The amount coronado should report as inventory at the end of the year is  $882500

Explanation:

As the amount of $94500 of goods purchased were in transit that were shipped, then received by the company after the inventory count thus it doesn't get count in the end of this year but it is counted in the next year inventory count thus,

Reported inventory at the end of the year = $841000 + $41500 = $882500

jepessoa

Answer:

$882,500

Explanation:

Fob destination means that the title of goods passes when the goods actually reach the buyer. While the goods are still in transit, they are considered legal property of the seller.

physical inventory count                     $841,000

goods in transit, sold fob destination   $41,500

total inventory                                     $882,500

Goods purchased fob destination that have not been received yet should not be included.

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