Question
At December 31, 2017Metlock, Inc.inventory records indicated a balance of $644000. Upon further investigation it was determined that this amount included the following: $115000in inventory
At December 31, 2017Metlock, Inc.inventory records indicated a balance of $644000. Upon further investigation it was determined that this amount included the following:
$115000in inventory purchases made byMetlockshipped from the seller 12/27/17 terms FOB destination, but not due to be received until January 2nd
$87000in goods sold byMetlockwith terms FOB destination on December 27th. The goods are not expected to reach their destination until January 6th
$5000of goods received on consignment from Dollywood Company
What isMetlockcorrect ending inventory balance at December 31, 2017?
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