ACC2013 Principles of Accounting A Chapter 6: Homework to turn in No. 1 (48 pts) Problem 1: Determine whether each of the following items should be included in the inventory of Bean, Inc.: Belongs to Bean? Y/N No. Description 1. 2. 3. Inventory costing $49,000 was in transit to Bean on December 31. The inventory was shipped FOB destination on December 29. The shipment was received January 2. Bean sold and shipped inventory costing $41,000 to Customer Company, FOB shipping point, on December 28. The order was received by customer on January 5. Inventory costing $89,000 was shipped to Bean FOB destination on December 27. The inventory was received January 5. Bean received inventory costing $27,000 on January 2. The goods were shipped by the supplier FOB shipping point on December 26. Bean has inventory costing $38,000 in a consignee's retail store. The inventory has not sold as of December 31 Bean has another company's items costing $20,000 in its retail store on consignment from another company. The items are unsold as of December 31. 4. 5. 6. 6. Bean's December 31 inventory account shows a balance is $326,000. That balance does NOT INCLUDE ANY of the above items. Compute the correct inventory balance. Correct Inventory: $