Neverwas company just took its physical inventory on, Ask an Expert

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neverwas company just took its physical inventory on December 31, 2010. The count of inventory items at the company's warehouse resulted in a total inventory of $300,000. In reviewing the details of the count and the related inventory transactions, you discovered the following:
1. Neverwas sent inventory costing $26,000 on consignment to Niagara Compnay on Decembere 24,2010. All of this inventory was in Niagara Company's showroom on December 31, 2010.
2. The company had goods in transit to a customer in Cleveland, Ohio on December 21, 2010. The goods cost $20,000 and were shipped FOB destination on December 15,2010.
3. The company recieved on January 2, 2011, from supplier. The goods were in transit at December 31,2010. The goods cost $17,000 and were shipped FOB shipping point on December 5, 2010.

Compute the correct December 31 balance in ending inventory(no entires required)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M988706

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