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At December 31, 2022, Mohling Company's Inventory Records Indicated a Balance

Question 159

Multiple Choice

At December 31, 2022, Mohling Company's inventory records indicated a balance of $632,000.Upon further investigation it was determined that this amount included the following:
-$112,000 in inventory purchases made by Mohling shipped from the seller 12/27/22 terms FOB destination, but not due to be received until January 2
-$74,000 in goods sold by Mohling with terms FOB destination on December 27.The goods are not expected to reach their destination until January 6
-$6,000 of goods received on consignment from Dollywood Company
What is Mohling's correct ending inventory balance at December 31, 2022?


A) $520,000
B) $626,000
C) $440,000
D) $514,000

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