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determined that this amount included the following:
$168,000 in inventory purchases made by Howell shipped from
the seller 12/27/14 terms FOB destination, but not due to be
received until January 2nd
$111,000 in goods sold by Howell with terms FOB destination on
December 27 th . The goods are not expected to reach their
destination until January 6 th .
$9,000 of goods received on consignment from Westwood
Company
What is Howell‘s correct ending inventory balance at December
31, 2014?
Question 9
Noise Makers Inc 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 average cost method, the
value of ending inventory is
Question 10
Inventory costing methods place primary reliance on assumptions
about the flow of
Question 11
Many companies use just-in-time inventory methods. Which of
the following is not an advantage of this method?
Question 12
Which of the following statements is correct with respect to
inventories?
Question 13