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The Playa Company has the following information in its records. Certain data have been intentionally omitted ($ in thousands). 4 Required: Determine the missing numbers.
The Playa Company has the following information in its records. Certain data have been intentionally omitted ($ in thousands). 4 Required: Determine the missing numbers. (Enter all amounts as positive numbers. Enter your answers in thousands.) 2021 2022 2023 235 687 641 235 199 Beginning inventory Cost of goods sold Ending inventory Cost of goods able for sale Purchases (gross) Purchase discounts 976 860 730 685 38 35 Purchase returns 44 50 34 Freight-in 33 52 36 The December 31, 2021 year-end inventory balance of the Raymond Corporation is $226,000. You have been asked to review the following transactions to determine if they have been correctly recorded. 1. Goods shipped to Raymond fo.b. destination on December 26, 2021 were received on January 2, 2022. The invoice cost of $38,000 is included in the preliminary inventory balance. 2. At year-end, Raymond held $22,000 of merchandise on consignment from the Harrison Company. This merchandise is included in the preliminary inventory balance. 3. On December 29, merchandise costing $6,800 was shipped to a customer fo.b. shipping point and arrived at the customer's location on January 3, 2022. The merchandise is not included in the preliminary inventory balance. 4. At year-end, Raymond had merchandise costing $23,000 on consignment with the Joclyn Corporation. The merchandise is not included in the preliminary inventory balance. Required: Determine the correct inventory amount to be reported in Raymond's 2021 balance sheet. Correct inventory balance
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