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On December 31, Gonzalez Company had an ending inventory of $84,100 based primarily on a physical count at its warehouse. In computing the final balance
On December 31, Gonzalez Company had an ending inventory of $84,100 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 $2.480 were excluded from ending inventory. These goods were on consignment to Brown Company and had not yet been sold by December 31. (b) Inventory items with a cost of $3,700 were excluded from ending inventory. These goods were in transit from Gonzalez Company to Gonzales Company and were sold FOB shipping point. (c) Inventory items with a cost of $2.670 were excluded from ending inventory. These goods were in transit from Gonzalez Company to Campbell Company and were sold POB destination. Required: Using the information given above, compute the correct final balance of Inventory. Correct ending invertory balance: 3 so
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