Practice MC2F05 - Practice Questions for Midterm II 1 A...

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Practice Questions for Midterm II 1) A preliminary count of items in XYZ Company’s warehouse as of 12/31/04 indicates an inventory balance of $100,000. Included in this figure is $5,000 worth of inventory on consignment from ABC Co. (XYZ is the consignee). In addition, a shipment of $50,000 worth of inventory purchased by XYZ with terms FOB shipping is in transit as of 12/31/04, as is a shipment of $40,000 worth of inventory sold by XYZ with terms FOB destination. What should the value of ending inventory be on XYZ’s 12/31/04 balance sheet?
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