Question
At December 31, 2022, Cheyenne Corp. inventory records indicated a balance of $889000. Upon further investigation it was determined that this amount included the following:
At December 31, 2022, Cheyenne Corp. inventory records indicated a balance of $889000. Upon further investigation it was determined that this amount included the following: $187000 in inventory purchases made by Cheyenne shipped from the seller 12/27/22 terms FOB destination, but not due to be received until January 2nd $116000 in goods sold by Cheyenne with terms FOB destination on December 27. The goods are not expected to reach their destination until January 6. $11100 of goods received on consignment from Patricia Company What is Cheyenne's correct ending inventory balance at December 31, 2022?
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