Valix Finacc vol 1 Problem 7-11

Financial Accounting Volume 1 2008 Valix-Peralta
Chapter 1 Problem 7-11

Inventory before adjustment                                                                                   7,600,000

Goods out on consignment                                                                                    1,000,000

Goods purchased FOB shipping point                                                                       250,000

Goods sold FOB shipping point                                                                              (   850,000)

Goods sold FOB destination                                                                                        260,000

Goods sold FOB destination                                                                                        840,000

Correct December 31 inventory                                                                               9,100,000