What is howells correct ending inventory balance at, Ask an Expert

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At December 31, 2010 Howell Company's inventory records indicated a balance of $1,128,000. Upon further investigation it was determined that this amount included the following three items:

(1) $168,000 in inventory purchases made by Howell shipped from the seller 12/27/10 terms FOB destination, but not due to be received until January 2nd

(2) $111,000 in goods sold by Howell with terms FOB destination on December 27th. The goods are not expected to reach their destination until January 6th.

(3) $9,000 of goods received on consignment from Westwood Company

What is Howell's correct ending inventory balance at December 31, 2010?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9410337

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