uop acc 290 new,uop acc 290 new,uop acc 290 new complete course,uop a ACC 290 Final Exam NEW | Page 7

Financial information is presented below:
Operating expenses
$36,000
Sales revenue 150,000
Cost of goods sold
105,000
Gross profit would be
$45,000.
$24,000.
$114,000.
$36,000.
Question 12
At December 31, 2014 Mohling Company’s inventory records
indicated a balance of $602,000. Upon further investigation it
was determined that this amount included the following:
▪ $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
What is Mohling’s correct ending inventory balance at
December 31, 2014?