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plz help me In your audit of Michael Jones Company, you find that a physical inventory on December 31,2025, showed merchandise with a cost of
plz help me
In your audit of Michael Jones Company, you find that a physical inventory on December 31,2025, showed merchandise with a cost of $427,060 was on hand at that date. You also discover the following items were all excluded from the \$427,060. 1. Merchandise of $58,470 which is held by Jones on consignment. The consignor is the Max Suzuki Company. 2. Merchandise costing $35,530 which was shipped by Jones fo.b. destination to a customer on December 31 , 2025. The customer was expected to receive the merchandise on January 6, 2026. 3. Merchandise costing $46,25 bhich was shipped by Jones fo.b. shipping point to a customer on December 29,2025. The customer was scheduled to receive the merchandise on January 2,2026. 4. Merchandise costing $82,500 shipped by a vendor fo.b. destination on December 30,2025 , and received by Jones on January 4,2026 5. Merchandise costing $55,170 shipped by a vendor fo.b. shipping point on December 31,2025 , and received by Jones on January 5,2026 Based on the above information, calculate the amount that should appear on Jones's balance sheet at December 31,2025 , for inventory, Inventoryas on Decernber 31,2025$ Step by Step Solution
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