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At the end of its Fiscal Year (December 31), Tiger Inc. reported an ending inventory balance of $218,500. The following additional information on Tiger's Inventory
At the end of its Fiscal Year (December 31), Tiger Inc. reported an ending inventory balance of $218,500. The following additional information on Tiger's Inventory activities are available: Goods costing $38,700 were sold and shipped to Savannah Enterprises on December 29 with shipping terms of FOB shipping point. The goods were not included in the ending inventory amount of $218,500 Goods costing $44,700 were purchased on December 30 with the terms of FOB destination. The goods were received by Tiger on January 5 of the following year. The shipment was a rush order that was supposed to arrive by December 31. These goods were included in the ending Inventory balance of $218,500 Tiger's ending inventory balance of $218,500 Included $15,700 of goods being held on consignment from Carly Co. (Tiger Inc. is the consignee) Tiger's ending inventory balance of $218,500 did not include goods costing $95,700 that were shipped to Tiger on December 28 with shipping terms of FOB destination and were still in transit at year-end. Calculate the amount that Tiger should report in ending inventory on December 31 Calculate the amount that Tiger should report in ending inventory on December 31 Multiple Choice 5173,800 $158.100 $202,800 $196,800 $212,500
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