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?
Solution:-
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