▪ $ 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