At December 31, Sunrise Company's inventory records indicated a balance of $654,000. Upon further investigation it was determined that this amount included the following:
(1) $68,000 of inventory sold and shipped by Sunrise on December 28 under the terms FOB destination, and this inventory was received by the buyer on January 6.
(2) $98,000 of inventory purchased by Sunrise under the terms FOB destination, and this $98,000 of inventory did not arrive until January 2.
(3) $4,000 of inventory held by Sunrise on consignment from another company. (4) $34,000 of inventory consigned to a third-party consignor that it continues to hold at the end of the year.
What is Sunrise's correct ending inventory balance at December 31?
a. $650,000
b. $556,000
c. $728,000
d. $586,000
e. $552,000
The Lumber Yard has projected sales for April through July of $152,400, $161,800, $189,700, and $196,400, respectively. The firm collects 52 percent of its sales in the month of sale, 46 percent in the month following the month of sale, and the remainder in the second month following the month of sale. What is the amount of the July collections? a - $189,819b - $181,508c - $122,852d - $175,500e - $192,626