1. Business
  2. Accounting
  3. ending inventory costs sandy chen owns a small specialty store...

Question: ending inventory costs sandy chen owns a small specialty store...

Question details
Ending Inventory Costs

Sandy Chen owns a small specialty store, named Chen's Chattel, whose year-end is June 30. A physical inventory taken on June 30 reveals the following:

Cost of merchandise on the showroom floor and in the warehouse $38,400 Goods held on consignment (consignor is National Manufacturer) 6,400 Goods that Chens Chattel, as the consignor, has for sale at the location of the Grand Avenue Vista 4,600 Sales invoices indicate that merchandise was shipped on June 29, terms FOB shipping point, delivered at buyers 3800 receiving dock on July 3 Sales invoices indicate that merchandise was shipped on June 25, terms FOB destination, delivered at buyers receiving dock on July 5 3,100
Determine the total amount that should be included in Chen’s Chattel’s year-end inventory.
Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution