Current Attempt in Progress

Coronado Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended

December $31,2020.$

Inventory at December $31,2020($based on physical count of goods in Coronado's plant, at cost$,$ on December $31,2020)$

Accounts payable at December $31,2020$

Net sales $($sales less sales returns$)$

Additional information is as follows.

Included in the physical count were tools billed to a customer f$.$o$.$b$.$ shipping point on December $31,2020.$ These tools had a

cost of $$31,650$ and were billed at $$40,650.$ The shipment was on Coronado's loading dock waiting to be picked up by the

common carrier.

Goods were in transit from a vendor to Coronado on December $31,2020.$ The invoice cost was $$76,650,$ and the goods were

shipped f$.$o$.$b$.$ shipping point on December $29,2020.$

Work in process inventory costing $$30,650$ was sent to an outside processor for plating on December $30,2020.$

Tools returned by customers and held pending inspection in the returned goods area on December $31,2020,$ were not

included in the physical count. On January $8,2021,$ the tools costing $$32,650$ were inspected and returned to inventory.

Credit memos totaling $$47,650$ were issued to the customers on the same date.

Tools shipped to a customer f$.$o$.$b$.$ destination on December $26,2020,$ were in transit at December $31,2020,$ and had a cost of

$$26,650.$ Upon notification of receipt by the customer on January $2,2021,$ Coronado issued a sales invoice for $$42,650.$

Goods, with an invoice cost of $$27,650,$ received from a vendor at $5$:$00$ p$.$m$.$ on December $31,2020,$ were recorded on a

receiving report dated January $2,2021.$ The goods were not included in the physical count, but the invoice was included in

accounts payable at December $31,2020.$

Goods received from a vendor on December $26,2020,$ were included in the physical count. However, the related

$$56,650$ vendor invoice was not included in accounts payable at December $31,2020,$ because the accounts payable copy of

the receiving report was lost.