Question
At December 31, 2017 Skysong, Inc.'s inventory records indicated a balance of $866000. Upon further investigation it was determined that this amount included the following:
At December 31, 2017 Skysong, Inc.'s inventory records indicated a balance of $866000. Upon further investigation it was determined that this amount included the following: $175000 in inventory purchases made by Skysong shipped from the seller 12/27/14 terms FOB destination, but not due to be received until January 2nd $108000 in goods sold by Skysong with terms FOB destination on December 27th. The goods are not expected to reach their destination until January 6th $8300 of goods received on consignment from Concord Company What is Skysong correct ending inventory balance at December 31, 2017?
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