Reference no: EM132684826

Bob Fuji began business on January 1, 2018 with a Balance Sheet that listed $ 300,000 of Cash and $ 300,000 of Shareholders' Equity.

During 2018, the following inventory related transactions took place:

Produced 15,000 units of inventory @ a cost of $ 20 per unit

Delivered 12,000 units of inventory to customers with a selling price of $ 28 per unit

Collected $ 280,000 of cash related to 10,000 units of inventory

The above transactions were the only transactions for the firm, and the "year-end" selling price of inventory is $ 28.

Question 1: If Bob Fuji recognizes revenue at the Completion of Production, Total Assets on Bob Fuji's December 31, 2018 Balance Sheet will be equal to $ _____________

Question 2: If Bob Fuji recognizes revenue at the Time of Cash Collection, Total Assets on Bob Fuji's December 31, 2018 Balance Sheet will be equal to