Answer Happy

Question 5 of 10 <> -/4 1 View Policies Current Attempt in Progress Tri-State Bank and Trust is considering giving Sheridan Company a loan. Before doing so management decides that further discusion with Sheridan's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $341,000. Discussions with the accountant reveal the following 1. Sheridan shipped goods costing $35,000 to Lika Company FOB shipping point, on December 28 The goods are not expected to arrive at Lilja until January 12 The goods were not included in the physical inventory because they were not in the warehouse 2. The physical count of the inventory did not include goods costing $91.000 that were shipped to Sheridan FOB destination on December 27 and were still in tranut at year-end 3 Sheridan received goods costing $23.000 on January 2. The poods were shipped FOB shipping point on December 26 by Brent Co. The goods were not included in the physical count 4. Sheridan shipped goods costing $32,000 to Jesse Co. FOB destination on December 30. The goods were received at Jesse on January 8. They were not included in Sheridan's physical inventory 5. Sheridan received goods costing $40.000 on January 2 that were shipped FOB destination on December 22. The ipment was a rush order that was supposed to arrive December 31 This purchase was included is t ending inentury of $341.000 Determine the correct inventory amount on December 31 O
Question 5 of 10 > -/4 1 1 Sheridan shipped goods coiting $35.000 to La Company FOB shipping point, on December 28. The goods are not expected to arrive at Lia until January 12. The goods were not included in the physical inventory because they were not in the warehouse 2 The physical count of the inventory did not lactide goods costing $91,000 that were shipped to Sheridan FOB destinution de December 27 and were still in trait at year-end 3. Sheridan received goods costing $23.000 en January2 The pods were shipped Foll shipping point on December 26 by Brent Co, The goods were not included in the phyical count Sheridan shipped goods contine $32,000 to Jesse Ca, FO@ontination on December 30 the goods were received to January 8 They were not included in Sheridan's physikal inventory 5 Sheridan received goodscosting $40 000 on January 7that were shipped FC0 destinition on December 29 The shipme win anush order that was supposed to Sr December 21 This purthine was included in the ending inventory of $341.000 Determine the correct inventory amunt ccmber 31 Correctindary Atac Ud Textbook and Media 901