▪ $ 112,000 in inventory purchases made by Mohling shipped from the seller 12 / 27 / 14 terms FOB destination , but not due to be received until January 2nd
▪ $ 74,000 in goods sold by Mohling with terms FOB destination on December 27th . The goods are not expected to reach their destination until January 6th
▪ $ 6,000 of goods received on consignment from Dollywood Company
Question 13
Olympus Climbers Company has the following inventory data :
July 1 Beginning inventory 20 units at $ 19 $ 380 7 Purchases 70 units at $ 20 1,400 22 Purchases 10 units at $ 22 220 $ 2,000
A physical count of merchandise inventory on July 30 reveals that there are 32 units on hand . Using the FIFO inventory method , the amount allocated to cost of goods sold for July is
Question 14