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A physical inventory count showed XYZ Company had inventory costing $319,000 on hand at December 31, 2023. This amount did not include the following: 1.
A physical inventory count showed XYZ Company had inventory costing $319,000 on hand at December 31, 2023. This amount did not include the following: 1. Inventory costing $26,000 that was shipped to a customer FOB destination point on December 28, 2023. The inventory was expected to be received by the customer on January 4, 2024. 2. Inventory costing $17,000 that was shipped to a customer FOB shipping point on December 30, 2023. The inventory was expected to be received by the customer on January 5, 2024. Calculate the correct dollar amount of ending inventory to be reported on XYZ Companys December 31, 2023 balance sheet.
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