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E8-2 (Inventoriable Costs) In your audit of Jose Oliva Company, you find that a physical inventory on December 31, 2014, showed merchandise with a cost
| E8-2 (Inventoriable Costs) In your audit of Jose Oliva Company, you find that a physical inventory on | ||||||
| December 31, 2014, showed merchandise with a cost of | $441,000 | was on hand at that date. | ||||
| You also discover the following items were all excluded from the | $441,000 | |||||
| 1. Merchandise of | $61,000 | which is held by Oliva on consignment. The consignor is | ||||
| the Max Suzuki Company. | ||||||
| 2. Merchandise costing | $38,000 | which was shipped by Oliva f.o.b. destination to a | ||||
| customer on December 31, 2014. The customer was expected to receive the merchandise on | ||||||
| January 6, 2015. | ||||||
| 3. Merchandise costing | $46,000 | which was shipped by Oliva f.o.b. shipping point to a | ||||
| customer on December 29, 2014. The customer was scheduled to receive the merchandise on | ||||||
| January 2, 2015. | ||||||
| 4. Merchandise costing | $83,000 | shipped by a vendor f.o.b. destination on | ||||
| December 30, 2014, and received by Oliva on January 4, 2015. | ||||||
| 5. Merchandise costing | $51,000 | shipped by a vendor f.o.b. seller on December 31, 2014 | ||||
| and received by Garza on January 5, 2015. | ||||||
| Instructions: | ||||||
| Based on the above information, calculate the amount that should appear on Olivas balance sheet at December 31, 2014, for inventory. | ||||||
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