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Moon company, Ibri Company completed its inventory count. It arrived at a total inventory value of OMR 29,400. Following additional information is available 1. Business

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Moon company, Ibri Company completed its inventory count. It arrived at a total inventory value of OMR 29,400. Following additional information is available 1. Business included in the inventory goods held on consignment for Mega mart costing OMR 1,500 and not included consigned goods of Nizwa traders costing OMR 1,250 . 2. The company not included in the count purchased goods of OMR 2,200 which were in transit (terms: FOB Shipping point). 3. The company did not include in the count sold inventory with a cost of OMR 900 which was in transit (terms: FOB destination). 4. Business not included OMR 6,500 goods in transit sold to MM Traders, a customer. Terms: FOB Shipping point 5. The company included in the count purchased inventory with a cost of OMR 3,200 which was in transit (terms: FOB shipping point). 6. The company included in the count purchased goods of OMR 1,350 which were in transit (terms: FOB Destination). 7. Business included OMR 1,500 goods in transit sold to AM Traders, a customer. Terms: FOB Shipping point Discuss how this information affects the reported cost of inventory and determine the exact cost of inventories

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