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Tri - State Bank and Trust is considering giving Wilfred Company a loan. Before doing so , management decides that further discussions with Wilfred's accountant
TriState Bank and Trust is considering giving Wilfred Company a loan. Before doing so management decides that further discussions with Wilfred's accountant may be desirable. One area of particular concern is the inventory account, which has a yearend balance of $ Discussions with the accountant reveal the following.
Wilfred shipped goods costing $ to Lilja Company, FOB shipping point, on December The goods are not expected to arrive at Lilja until January The goods were not included in the physical inventory because they were not in the warehouse.
The physical count of the inventory did not include goods costing $ that were shipped to Wilfred FOB destination on December and were still in transit at yearend.
Wilfred received goods costing $ on January The goods were shipped FOB shipping point on December by Brent Co The goods were not included in the physical count.
Wilfred shipped goods costing $ to Jesse Co FOB destination, on December The goods were received at Jesse on January They were not included in Wilfred's physical inventory. a rush order that was supposed to arrive December This purchase was included in the ending inventory of $
Determine the correct inventory amount on December
Correct inventory
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