Question - On December 31, Cooper Company had an ending inventory of $107,500 based primarily on a physical count at its warehouse. In computing the final balance of Inventory, the following information was available:

(a) Inventory items with a cost of $2,950 were included in ending inventory. These goods were on consignment to Jackson Company. They had not yet been sold.

(b) Inventory items with a cost of $3,740 were included in ending inventory. These goods were in transit from Cooper Company to Miller Company and were sold FOB shipping point.

(c) Inventory items with a cost of $3,190 were excluded from ending inventory. These goods were in transit from Wood Company to Cooper Company and were purchased FOB destination.

Required: Using the information given above, compute the correct final balance of Inventory.