Stansbury Company determined its December 31, 2015 inventory to be $1,000,000 based on a physical count priced at cost. Additional information for the company is as follows: ? Merchandise costing $90,000 was shipped FOB shipping point from a vendor on December 30, 2015. This merchandise was received and recorded on January 5, 2016. ? Goods costing $120,000 were staged on the shipping dock and
excluded from inventory although shipment was not made until January 4, 2016. The goods were billed to the customer FOB shipping point on December 30, 2015. ? What is Stansbury's ending inventory for its December 31, 2015 balance sheet?
A) $1,000,000
B) $1,090,000
C) $1,120,000
D) $1,210,000
D
You might also like to view...
In researching a proposal to expand your division, you find evidence that does not support your line of reasoning. Should you include it in your report? Why or why not?
What will be an ideal response?
A banker is analyzing a company which operates in the automotive industry. Which of the following will likely be the banker's most important consideration in determining whether the company should receive a loan?
A) The automotive plant's capacity. B) Inflation has been consistently high for several years. C) The company has state-of-the-art automated equipment which enhances the efficiency of its operating process. D) The company has a large amount of interest payments related to other outstanding loans.
As opposed to civil trials, a defendant in a criminal case can be compelled to testify
Indicate whether the statement is true or false
The expenses incurred by firms trying to create synergy through acquisition are called __________ costs.
A. differentiation B. diversification C. transaction D. interaction