Practice problems for an upcoming test on lifo, fifo and other inventory methods

Determining Merchandise to be Included or Excluded from Ending Inventory The unadjusted inventory balance of Ultim Corp. is $180,000 on December 31, 2020, based on a physical inventory count. The following items must be considered before the inventory valuation is finalized. a. On December 31, the physical inventory excluded $450 of merchandise inventory set aside for shipment to a customer, which has not yet shipped. b. On December 31, the physical inventory excluded $1,800 of merchandise inventory out on consignment in the customers' showrooms. 5. On December 31 , the physical inventory excluded $1,440 of merchandise held on consignment. d. $1,350 of intransit merchandise was shipped f.o.b. shipping point to a customer and was excluded from the physical inventory count. The merchandise was turned over to a common carrier on December 28,2020, and is expected to arrive at the customer onJanuary 2, 2021. e. Ultim Corp. ordered merchandise on December 26, 2020. The merchandise ($1,440) was shipped to Ultim Corp. f.o.b. shipping point, and was expected to arrivejanuary 2, 2021 . The merchandise was not included in the physical inventory count. f. A return to a vendor of merchandise for $1,800 was in-transit on December 31, 2020, and was excluded from the physical inventory count. The merchandise was shipped f.o.b. destination on December 30, 2020. Required Considering items athrough f, determine the adjusted inventory balance for Ultim Corp. Adjusted inventory balance on December 31, 2020: $