Sherman,Inc $\$ 2,000$ Of Goods Shipped by a Supplier to Sherman Sent FOB

question 41

Multiple Choice

Sherman,Inc.counted its ending inventory as $178,000 at year-end,January 31,2017.Upon review of the records,it was noted that the following items were in transit during the count: ?
A) $\$ 2,000$ of goods shipped by a supplier to Sherman sent FOB destination point on January 31 were received February 5 , and were not counted by Sherman.

B) $\$ 5,000$ of goods shipped by a supplier to Sherman sent FOB shipping point on January 30 were received February 2, and were not counted by Sherman.

C) $\$ 6,000$ of goods shipped by Sherman to a customer sent FOB shipping point on January 31 were received February 3 , and were counted by Sherman. Determine the correct inventory balance at January 31.

• A) \(\$ 2,000\) of goods shipped by a supplier to Sherman sent FOB destination point on January 31 were received February 5 , and were not counted by Sherman.
• B) \(\$ 5,000\) of goods shipped by a supplier to Sherman sent FOB shipping point on January 30 were received February 2, and were not counted by Sherman.
• C) \(\$ 6,000\) of goods shipped by Sherman to a customer sent FOB shipping point on January 31 were received February 3 , and were counted by Sherman. Determine the correct inventory balance at January 31.
• A)$178,000
• B)$177,000
• C)$174,000
• D)$172,000

---

Definitions:

Sisyphus

A figure in Greek mythology condemned to endlessly roll a boulder up a hill only for it to roll down every time it neared the top, symbolizing futile effort or eternal struggle.

Suffering

The experience of pain, distress, or hardship, which can be physical, emotional, or mental in nature.

Relationships

The way in which two or more concepts, objects, or people are connected, or the state of being connected, often involving emotional associations.

Lonely Souls

Individuals who feel isolated or disconnected from others, often experiencing a profound sense of solitude or alienation.