Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 3.00

Opal Co.

The following items were included in Opal Co.’s inventory account at December 31, 2006:

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Merchandise out on consignment, at sales price, including 40% markup on selling price

$40,000

Goods purchased, in transit, shipped FOB shipping point

36,000

Goods held on consignment by Opal

27,000

By what amount should Opal’s inventory account at December 31, 2006, be reduced?

  1. $103,000
  2. $ 67,000
  3. $ 51,000
  4. $ 43,000

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 11:09 PM My Price 3.00

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