Current Attempt in Progress

Tamarisk, Inc. just took its physical inventory on December $31.$ The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $$300,500.$ In reviewing the details of the count and related inventory transactions, you have discovered the following items had not been considered.

Tamarisk has sent inventory costing $$25,500$ on consignment to Richfield Company. All of this inventory was at Richfield's showrooms on December $31.$

The company did not include in the count inventory $($cost$,$ $$20,000)$ that was sold on December $28,$ terms FOB shipping point. The goods were in transit on December $31.$

The company did not include in the count inventory $($cost$,$ $$17,500)$ that was purchased with terms of FOB shipping point. The goods were in transit on December $31.$

Compute the correct December $31$ inventory.

Correct December $31$ inventory

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