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On December 31 of the current year, Plunkett Company reported an ending inventory balance of $213,000. The following additional information is also available: Plunkett sold
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $213,000. The following additional information is also available:
- Plunkett sold and shipped goods costing $37,600 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in theending inventory amount of $213,000.
- Plunkett purchased goods costing $43,600 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of the following year. The shipment was a rush order that was supposed to arrive by December 31. These goods were included in the ending inventory balance of $213,000.
- Plunkett's ending inventory balance of $213,000 included $14,600 of goods being held on consignment from Carole Company. (Plunkett Company is the consignee.)
- Plunkett's ending inventory balance of $213,000 did not include goods costing $94,600 that were shipped to Plunkett on December 27 with shipping terms of FOB destination and were still in transit at year-end.
Based on the above information, the amount that Plunkett should report in ending inventory on December 31 is:
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