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Reporting 59 godchaux inc took a physical inventory

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Reporting59.Godchaux Inc. took a physical inventory at December 31, 2019 and determined that €395,000 ofgoods were on hand. In addition, the following items were not included in the physical count: (1)€60,000 of goods purchased were in transit, shipped f.o.b. destination (goods were received byGodchaux three days on January 3, 2020) and (2) the company shipped f.o.b. destination €25,000worth of inventory on December 29. The goods arrived at the buyer’s place of business on January2, 2020. What amount should Godchaux report as inventory at the end of 2019? a. €395,000.b.€455,000.c.€420,000.d.€480,000.Ans: C, LO: 1, Bloom: AP, Difficulty: Medium, Min: 3, AACSB: Analytic, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA:
Reporting
lOMoARcPSD|13497295Inventories6 - 760.Ching Inc. took a physical inventory at December 31, 2019 and determined that ¥4,870,000 ofgoods were on hand. On December 29, the company had ordered ¥1,010,000 of goods whichwere in transit. The goods were shipped f.o.b. shipping point and arrived on January 2, 2020 Thecompany had also sold and shipped f.o.b. destination ¥950,000 worth of inventory on December28. The goods arrived at the buyer’s place of business on January 4, 2020. Ching’s December 31,2019 statement of financial position will report inventory of a. ¥3,860,000.
Reporting61.Keiko Company took a physical inventory at December 31, 2019 and determined that ¥3,730,000of goods were on hand. In addition, the company had goods consigned with Chang Company thathad a cost of ¥700,000. On December 29, Keiko sold and shipped f.o.b. shipping point ¥600,000worth of inventory. These goods arrived at the buyer’s place of business on January 4, 2020. Whatamount should Keiko report as inventory on its December 31, 2019 statement of financialposition? a. ¥3,730,000.

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