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As a result of a thorough physical inventory, Waterway Company determined that it had inventory worth $321500 at December 31. 2020. This count did
As a result of a thorough physical inventory, Waterway Company determined that it had inventory worth $321500 at December 31. 2020. This count did not take into consideration the following facts: Herschel Consignment currently has goods worth $46900 on its sales floor that belong to Waterway but are being sold on consignment by Herschel. The selling price of these goods is $74100. Waterway purchased $21200 of goods that were shipped on December 27, FOB destination, that will be received by Waterway on January 3. Determine the correct amount of inventory that Waterway should report. $389600. $368400. $374400. $321500.
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