Question
University Bookstore took a physical inventory on December 31. You have pointed out a number of possible problems with the count, as indicated below. Ending
University Bookstore took a physical inventory on December 31. You have pointed out a number of possible problems with the count, as indicated below.
| Ending inventory per physical count | $ 170,000 |
Reconciling items at year-end.
| Purchases in transit at December 31 | |
| FOB shipping point | $ 66,130 |
| FOB destination | $ 43,880 |
| Sales shipped and in transit at December 31 | |
| FOB shipping point | $ 53,620 |
| FOB destination | $ 71,060 |
| Consigned goods at December 31 | |
| Company is the consignor | $ 48,620 |
| Card Company is the consignee | $ 88,130 |
What is the correct ending inventory balance on the company's balance sheet?
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Financial And Managerial Accounting
Authors: Carl S. Warren, Jefferson P. Jones, William B. Tayler
15th Edition
1337902667, 9781337902663
