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Target's year end 12/31/2020 inventory records indicated a balance of $900,000. Additional information indicates that this amount also included the following inventory items: Purchases:
Target's year end 12/31/2020 inventory records indicated a balance of $900,000. Additional information indicates that this amount also included the following inventory items: Purchases: (Target purchased from wholesalers.) Date shipped by seller Date arrived Amount Shipping Term 12/27/20 12/22/20 1/2/21 $210,000 FOB destination 1/3/21 $100,000 FOB destination Sales: (Target sold to retail stores.) Date shipped by Target Date arrived Amount Shipping Term 12/27/20 12/26/20 1/5/21 $320,000 FOB shipping point 1/4/21 $90,000 FOB shipping point Consigned inventory: Date shipped by consignees Date arrived Amount Shipping Term 12/27/20 12/31/20 $20,000 FOB destination What is Target's adjusted ending inventory balance at December 31, 2020?
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