At december 31, 2017 cheyenne corp.'s inventory records indicated a balance of $642000. upon further investigation it was determined that this amount included the following:
▪ $109000 in inventory purchases made by cheyenne shipped from the seller 12/27/17 terms fob destination, but not due to be received until january 2nd
▪ $85000 in goods sold by cheyenne with terms fob destination on december 27th. the goods are not expected to reach their destination until january 6th
▪ $8200 of goods received on consignment from dollywood company
what is cheyenne correct ending inventory balance at december 31, 2017?
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At december 31, 2017 cheyenne corp.'s inventory records indicated a balance of $642000. upon further...
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