Multiple Choice
As a result of a thorough physical inventory Greeley Company determined that it had inventory worth $325000 at December 31 2016. This count did not take into consideration the following facts: Walker Consignment currently has goods worth $47000 on its sales floor that belong to Greeley but are being sold on consignment by Walker. The selling price of these goods is $75000. Greeley purchased $22000 of goods that were shipped on December 27. FOB destination that will be received by Greeley on January 3. Determine the correct amount of inventory that Greeley should report.
A) $325000.
B) $347000.
C) $372000.
D) $387000.
Correct Answer:
Verified
Correct Answer:
Verified
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