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please show detailed work, im stuck 1. Comet Inc, a retailer, provided the following balances from its records for the year ended December 31, 2018.
please show detailed work, im stuck
1. Comet Inc, a retailer, provided the following balances from its records for the year ended December 31, 2018. Based on a physical count of goods at the warehouse, Inventory on 12/31/18 is $832,000. Additional information is as follows: Inventory costing $32,000 was received on January 2, 2019. The inventory was not included in the physical count at year-end. The goods had been shipped FOB Destination to Comet on Dec. 27, 2018 by the Pierce Company. Comet received inventory costing $41,000 on January 4, 2019. The inventory was not included in the physical count at year-end. The goods had been shipped FOB Shipping Point on Dec. 28, 2018 by Reynolds Company. Comet sold goods costing $45,000 to Madison Company on Dec. 31, 2018. The goods were picked up by FedEx on that same date and shipped FOB Destination. They were expected to arrive at the buyer's store as early as Jan. 2, 2019. These goods were not included in the physical count of inventory on Dec. 31, 2018. Considering this additional information, compute the correct 2018 year-end balance for inventory. Corrected Ending Inventory for 2018Step by Step Solution
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