Question 12 At December 31, 2014 Mohling Company’s inventory records indicated a balance

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 Question 12

At December 31, 2014 Mohling Company’s inventory records indicated a balance of $602,000. Upon further investigation it was determined that this amount included the following:

 

▪ $112,000 in inventory purchases made by Mohling shipped from the seller 12/27/14 terms FOB destination, but not due to be received until January 2nd

▪ $74,000 in goods sold by Mohling with terms FOB destination on December 27th. The goods are not expected to reach their destination until January 6th

▪ $6,000 of goods received on consignment from Dollywood Company

 

What is Mohling’s correct ending inventory balance at December 31, 2014?

 

$484,000

 

$490,000

 

$596,000

 

$410,000

         
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