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Gomez Company just took its physical inventory. The count of inventory items on hand at the company's business locations resulted in a total inventory cost
Gomez Company just took its physical inventory. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $302, 500. In reviewing the details of the count and related inventory transactions, you have discovered the following. Gomez has sent inventory costing $26, 900 on consignment to Kako Company. All of this inventory was at Kako's showrooms on December 31. The company did not include in the count inventory (cost, $20, 500) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 3. The company did not include in the count inventory (cost, $16, 400) 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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