23. At December 31, 2010, a physical count of merchandise inventory belonging to Rhoda Corp. showed $1,000,000 to be on hand.
The $1,000,000 was calculated before any potential necessary adjustments related to the following:
Excluded from the $1,000,000 was $80,000 of goods shipped f.o.b. shipping point by a vendor to Rhoda on December 30,
2010 and received on January 3, 2011.
Excluded from the $1,000,000 was $72,000 of goods shipped f.o.b. destination to Rhoda on December 30, 2010 and
received on January 3, 2011.
Excluded from the $1,000,000 was $95,000 of goods shipped f.o.b. destination by Rhoda to a customer on December 28,
2010. The customer received the goods on January 4, 2011.
The correct amount to report for inventory on Rhoda's balance sheet at December 31, 2010 is:
a.
$1,072,000.
b. $1,095,000.
c.
$1 175,000.
d. $1,247,000.
