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Suppose that Uniqlo has just completed a physical inventory count at year end, December 3 1 , 2 0 2 5 . Only the items
Suppose that Uniqlo has just completed a physical inventory count at year end, December Only the items on the shelves, in storage, and in the receiving area were counted and costed on the FIFO basis. The inventory amounted to $ During the audit, the independent CPA discovered the following additional information:
a There were goods in transit on December from a supplier with terms FOB destination, costing $ Because the goods had not arrived, they were excluded from the physical inventory count.
b On December a regular customer purchased goods for cash amounting to $ and had them shipped to a bonded warehouse for temporary storage on December The goods were shipped via common carrier with terms FOB shipping point. The customer picked the goods up from the warehouse on January Uniqlo had paid $ for the goods and, because they were in storage. Uniqlo included them in the physical inventory count.
c Uniqlo, on the date of the inventory count, received notice from a supplier that goods ordered earlier, at a cost of $ had been delivered to the transportation company on December ; the terms were FOB shipping point. Because the shipment had not arrived on December it was excluded from the physical inventory.
d On December there were goods in transit to customers, with terms FOB shipping point, amounting to $expected delivery on January Because the goods had been shipped, they were excluded from the physical inventory count.
e On December Uniqlo shipped $ worth of goods to a customer, FOB destination. The goods arrived on January Because the goods were not on hand, they were not included in the physical inventory count.
f Uniqlo, as the consignee, had goods on consignment that cost $ Because these goods were on hand as of December they were included in the physical inventory count.
a Analyze the above information and calculate a corrected amount for the ending inventory.
Corrected inventory $
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