MERCHANDISING AND INVENTORY Merchandise inventory calculation: FOB and consigned goods Kai - ? QUESTION Learning On December 31, Green Company had an ending inventory of $110,300 based primarily on a physical count at its warehouse. In computing the final balance of Inventory, the following information was available: (a) Inventory items with a cost of $2,170 were excluded from ending inventory. These goods were on consignment to Kelly Company and had not yet been sold by December 31. (b) Inventory items with a cost of $2,450 were included in ending inventory. These goods were in transit from Green Company to Henderson Company and were sold FOB shipping point (c) Inventory items with a cost of $2,410 were included in ending inventory. These goods were in transit from Green Company to Torres Company and were sold FOB destination. Required: Using the information given above, compute the correct final balance of Inventory. O MERCHANDISING AND INVENTORY Use of perpetual inventory system for merchandise inventory C.. Young Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 360 250 $32 43 Purchase: April 6 Sale: May 4 Purchase: July 19 390 Sale: September 9 270 100 Purchase October 10 Young uses the perpetual inventory system and the FIFO method. Required: Using FIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year