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The unadjusted inventory balance of Conway Corp. is $ 8 0 0 , 0 0 0 on December 3 1 , based on a physical
The unadjusted inventory balance of Conway Corp. is $ on December based on a physical
inventory count. Several items must be considered before the inventory valuation is finalized.
On December the physical inventory excluded $ of merchandise inventory shipped fob
destination to Conway Corp. from a vendor. The inventory arrived on January of the following year.
On December the physical inventory included $ of merchandise held on consignment. The
consignor is PackagingPlus Inc.
$ of intransit merchandise was shipped fob shipping point to a customer and was excluded
from the physical inventory count. The merchandise was shipped on December and is expected to
arrive at the customer's site on December
On December the physical inventory excluded $ of merchandise inventory held on
consignment by a customer. Conway Corp. is the consignor.
Goods are in transit from a vendor to Conway Corp. on December The invoice cost was $ and
the goods were shipped fob shipping point on December The merchandise was excluded from the
physical inventory count because the merchandise had not been received.
Merchandise with a cost of $ is held in the receiving department for return, but Conway still
controls this inventory. The merchandise was excluded from the physical inventory count.
Required
Calculate the adjusted inventory balance on December
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