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Rondo Ltd. (RL) is a wholesaler operation, with an active warehouse. Staff at RL have prepared a preliminary list of inventory, following its count on
Rondo Ltd. (RL) is a wholesaler operation, with an active warehouse. Staff at RL have prepared a preliminary list of inventory, following its count on November 30.
a. | Goods counted in the physical inventory | $ | 298,000 | |
b. | Provincial sales tax on the amount in a. | 23,840 | ||
c. | Federal GST on the amount in a. | 17,880 | ||
d. | Goods that arrived from a supplier on December 2, shipped FOB shipping point on November 28. | 67,500 | ||
e. | Goods that were shipped to a customer on November 28, shipped FOB shipping point. | 74,100 | ||
f. | Goods that were on consignment with a customer but sold by the customer on December 10. | 19,300 | ||
g. | Interest cost on goods in a, incurred during lengthy delivery period from supplier. | 1,800 | ||
h. | Goods that were in RLs warehouse on November 30, about to be shipped back to the supplier because of defects. | 35,200 | ||
i. | Cost of operating and heating the warehouse facility for the year so that goods are available for sale when needed. | 66,600 | ||
j. | Cost of freight to ship goods in a, from suppliers to RL, where RL is responsible for freight. | 46,800 | ||
k. | Cost of freight to ship goods from RL to customers during the year, where RL is responsible for freight. | 60,300 | ||
Required: Determine the dollar amount of ending inventory.
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