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At December 31, 2010 Mohling Company's inventory records indicated a balance of $752,000. Upon further investigation it was determined that this amount included the following:
At December 31, 2010 Mohling Company's inventory records indicated a balance of $752,000. Upon further investigation it was determined that this amount included the following: 33. $112,000 in inventory purchases made by Mohling shipped from the seller 12/27/10 terms FOB destination, but not due to be received until January 2nd $74,000 in goods sold by Mohling with terms FOB destination on December 27th. The goods are not expected to reach their destination until January 6th $6,000 of goods received on consignment from Dollywood Company . What is Mohling's correct ending inventory balance at December 31, 2010? a. $640,000 b. $746,000 c. $560,000 d. $634,000
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