Question 8 (30 points) The Redson Company uses the periodic inventory system. Inventory balance on December 31, 2019, was $100,000 (based on a 12/31/19 physical count of the goods present in the warehouse). You also know about the following quantities, which are not included in the $100,000 balance at the moment: Goods shipped from Redson to a customer f.o.b. destination on December 27, 2019, were received by the customer on January 3, 2020. The sales price was $30,000 and the merchandise cost $20,000. Goods shipped to Redson 1.0.b. shipping point on December 28,2019, were received on January 5, 2020. The invoice cost was $56,000. Redson expects to be able to sell those goods for $80,000 During the year, Redson consigned goods for $10,000 to Fast Consingment Inc., a local consignment company that has been tasked to find a customer for those goods. On 12/31, FastConsignment reports that 30% of the goods have not been sold yet. Based on all the information above, what is the correct inventory value to report on Redson's Balance Sheet for the year ended 12/31/19? 189,000 203,000 186,000 213,000 179.000 220,000 220,000 176,000 123,000 159,000 103,000 128,000 345,000 65,000 Previous Page Next Page Page 6 of 8