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Valuation of InventoryReddall Company has a fiscal year that ends on December 3 1 . The inventory on hand at the end of the year
Valuation of InventoryReddall Company has a fiscal year that ends on December The inventory on hand at the end of the year is valued at a cost of $ The following items were not included in this inventory: Purchased goods in transit, under terms FOB shipping point, invoice price $ freight costs $ Goods out on consignment to Marlman Company, sales price $ cost of goods $ shipping costs $ Goods sold to Grina Co under terms FOB destination, invoiced for $which included $ freight charges to deliver the goods and have a cost of $ Goods are in transit Goods held on consignment by Reddall at a sales price of $ which included sales commission of of sales price Purchased goods in transit, shipped FOB destination, invoice price $ which included freight charges of $Required:Determine the cost of the ending inventory that Reddall should report on its December balance sheet.
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