1 Wonder Company just completed a physical inventory count of its inventory at year end, Dec 31, 2015 The count included all items on its shelves and in storage The inventory amounted to $50,000 During the audit, the independent CPA discovered the following additional information On December 31, Wonder shipped $750 worth of goods to a customer, FOB destination The goods are expected to arrive at their destination on January 8, 2016 Because the goods were not on hand, they were not included in the physical count On December 28 th , a customer purchased goods for cash amounting to $1,500 and left them for pickup on January 3, 2016 At that time, Wonder sorted and separated the goods and identified them as belonging to the customer Wonder Company paid $850 for the goods and because they were on hand, included the goods in the physical inventory count On December 30, Wonder purchased goods costing $1,175 The goods were shipped from the supplier, FOB shipping point Because the goods were not in the warehouse, they were excluded from the physical count Determine the correct inventory balance for Wonder on December 31, 2015 A $47,225 B $52,775 C $51,075 D $49,575 E $50,425 2 Aggie Corp is a merchandising company that uses the periodic inventory system Selected account balances are listed below Sales Revenue $151,000 Purchase discounts $9,000 Purchases 90,000 Freight in 4,000 Inventory (beginning) Sales Discounts 8,000 Inventory (ending) 14,000 Freight out 2,000 Purchase Returns and Allowances 3,000 Sales Returns and Allowances 5,000 Gross Profit 49,000 How much is Aggies beginning inventory A $34,000 B $29,000 C $25,000 D $21,000 E $23,000

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1. Wonder Company just completed a physical inventory count of its inventory at year-end, Dec. 31, 2015. The count included all items on its shelves

1. Wonder Company just completed a physical inventory count of its inventory at year-end, Dec. 31, 2015. The count included all items on its shelves and in storage. The inventory amounted to $50,000. During the audit, the independent CPA discovered the following additional information:

On December 31, Wonder shipped $750 worth of goods to a customer, FOB destination. The goods are expected to arrive at their destination on January 8, 2016. Because the goods were not on hand, they were not included in the physical count.
On December 28^th, a customer purchased goods for cash amounting to $1,500 and left them for pickup on January 3, 2016." At that time, Wonder sorted and separated the goods and identified them as belonging to the customer. Wonder Company paid $850 for the goods and because they were on hand, included the goods in the physical inventory count.
On December 30, Wonder purchased goods costing $1,175. The goods were shipped from the supplier, FOB shipping point. Because the goods were not in the warehouse, they were excluded from the physical count.

Determine the correct inventory balance for Wonder on December 31, 2015