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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Definitions:

Human Resource

A department within organizations focused on employee recruitment, management, and providing direction for the people who work in the institution.

Physical Resources

Physical resources refer to tangible assets and materials used in the production of goods and services, such as machinery, buildings, and raw materials.

Human Resources

The department within an organization that deals with the recruitment, management, and guidance of its employees.

Long Run

A period in economics where all factors of production and costs are variable, allowing for all inputs to be adjusted.