Farley Bains, an auditor with Nolls CPAs, is performing a review of Concord Corporations Inventory account. Concord Corporation did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $ 784,000. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (If an amount reduces the account balance then enter with a negative sign preceding the number , e.g. -15,000, or parenthesis e.g. (15,000). Enter 0 if there is no effect.)

View Policies Current Attempt in Progress Farley Bains an auditor with Nolls CPAs, is performing a review of Concord Corporation's Inventory account. Concord Corporation did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was 5 784,000. However, the following information was not considered when determining that amount Prepare a schedule to determine the correct inventory amount. If an amount reduces the account balance then enter with a negotive sign preceding the number 8-15.000 or parenthesis cs. (15.000). Enter there is no effect) Ending inventory as reported 1 included in the company's count were goods with a cost of 5 287,000 that the company is holding on consignment. The goods belong to Nader Corporation 2 The physical count did not include goods purchased by Concord Corporation with a cost of $31.000 that were shed FOB shoping point on December 28 and did not arrivet Concord Corporation's warehouse until January 3 Included in the Inventory account was $20.000 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year The company received an order on December 29 that was bored and was sitting on the loading dock awaiting pick-up on December 31. The shipper picked up the goods on January 1 and delivered them on January 6. The shipping terms were FOB shipping point. The goods had a selling price of $48.500 and cost of $33,000. The goods were not included in the count because they were sitting on the dock 5. Included in the count was $56.500 of goods that were parts for a machine that the company no longer made. Given the high-tech nature of Concord Corporation's products.it was unlikely that these obsolete parts had any other use. However, management would prefer to keep them on the books at cost, since that is what we paid for them, after all Correct Inventory