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In your audit of Leon Company, you find that a physical inventory on December 31, 2017, showed merchandise with a cost of $464,070 was on
In your audit of Leon Company, you find that a physical inventory on December 31, 2017, showed merchandise with a cost of $464,070 was on hand at that date. You also discover the following items were all excluded from the $464,070.
1. | Merchandise of $64,310 which is held by Leon on consignment. The consignor is the Max Suzuki Company. | |
2. | Merchandise costing $37,350 which was shipped by Leon f.o.b. destination to a customer on December 31, 2017. The customer was expected to receive the merchandise on January 6, 2018. | |
3. | Merchandise costing $48,300 which was shipped by Leon f.o.b. shipping point to a customer on December 29, 2017. The customer was scheduled to receive the merchandise on January 2, 2018. | |
4. | Merchandise costing $82,650 shipped by a vendor f.o.b. destination on December 30, 2017, and received by Leon on January 4, 2018. | |
5. | Merchandise costing $51,590 shipped by a vendor f.o.b. shipping point on December 31, 2017, and received by Leon on January 5, 2018. |
Based on the above information, calculate the amount that should appear on Leons balance sheet at December 31, 2017, for inventory.
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