Beck Company Has Inventory of $743,000 in Its Stores as of December

question 25

Multiple Choice

Beck Company has inventory of $743,000 in its stores as of December 31. It also has two shipments in-transit that left the suppliers' warehouses by December 28. Both shipments are expected to arrive on January 5. The first shipment of $217,000 was sold f.o.b. destination and the second shipment of $110,000 was sold f.o.b. shipping point. Beck Company also has consigned goods of $73,000 awaiting sale with Meyer Company. What amount of inventory should Beck Company report on its balance sheet as of December 31?

• A) $743,000
• B) $926,000
• C) $1,070,000
• D) $1,143,000

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Definitions:

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