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Gamma Company completed a physical count of inventory at December 31, 2019 and reported $325,000 of ending inventory at cost. Upon further review, Gamma
Gamma Company completed a physical count of inventory at December 31, 2019 and reported $325,000 of ending inventory at cost. Upon further review, Gamma noted the following transactions which had not been previously considered: Merchandise costing $20,000 shipped FOB shipping point from a vendor on 12/31/19 was received in the warehouse on 1/5/20. Merchandise costing $27,000 shipped FOB destination from a vendor on 12/28/19 was received on 1/3/20.. Merchandise costing $32,000 was shipped to a customer FOB destination on 12/28/19. It arrived at the customer on 1/6/20. Merchandise costing $11,000 was out of the warehouse (not counted) and held on consignment by Beach Company. What amount should Gamma Company report as inventory on its December 31, 2019, Balance Sheet? $415,000 O $388,000 O $325,000 $356,000
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