at december 31 2014 a physical count of merchandise inventory belonging to klintwort 610262
At December 31, 2014, a physical count of merchandise inventory belonging to Klintworth Corp. showed $500,000 to be on hand. The $500,000 was calculated before any potential necessary adjustments related to the following:
Excluded from the $500,000 was $80,000 of goods shipped FOB shipping point by a vendor to Klintworth on December 30, 2014 and received on January 3, 2015.
Excluded from the $500,000 was $72,000 of goods shipped FOB destination to Klintworth on December 30, 2014 and received on January 3, 2015.
Excluded from the $500,000 was $95,000 of goods shipped FOB destination by Klintworth to a customer on December 28, 2014. The customer received the goods on January 4, 2015.
The correct amount to report for inventory on Klintworth”s balance sheet at December 31, 2014 is:
- $572,000.
- $595,000.
- $675,000.
- $747,000.