A physical count of Ayayai Company’s inventory at year-end determined that inventory on hand had a value of $1,628,000. Upon further investigation, it was determined that this amount included the following: An inventory purchase of $51,900 made by Ayayai shipped from Sandhill Company on December 28 with terms FOB destination, but not due to be received until January 3. Goods shipped to a customer with a cost of $74,700 with terms FOB destination on December 29, but not expected to reach their destination until January 3. Goods shipped to a customer with a cost of $55,500 with terms FOB shipping point on December 30, but not expected to reach their destination until January 5. Goods held on consignment from Florence Company with a cost $16,300. Compute the amount that should be reported for inventory on Ayayai Company’s balance sheet at December 31, 2022.

The amount that should be reported for inventory on Ayayai Company’s balance sheet at December 31, 2022 is $1,504,800

Explanation:

In order to calculate the amount that should be reported for inventory on Ayayai Company’s balance sheet at December 31, 2022 we would have to make the following calculation:

amount that should be reported for inventory on Ayayai Company’s balance sheet at December 31, 2022= Inventory as per physical count-inventory purchase-goods shipped-goods held on consignment

amount that should be reported for inventory on Ayayai Company’s balance sheet at December 31, 2022= $1,628,000-$51,900-$55,500$-$16,300

amount that should be reported for inventory on Ayayai Company’s balance sheet at December 31, 2022=$1,504,800

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this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

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- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.