Sheldon Company just took its physical inventory on December 31. The count of inventory items on...
Sheldon Company just took its physical inventory on December 31. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $300,000. In reviewing the details of the count and related inventory transactions, you have discovered the following items that had not been considered. 1. Sheldon Company has sent inventory costing $28,000 on consignment to Richfield Company. All of this inventory was at Richfield’s showrooms on December 31. 2. The company did not include in the count inventory (cost, $20,000) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. 3. The company did not include in the count inventory (cost, $13,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. Compute the correct December 31 inventory.
Homework Answers
| physical count inventory | 300,000 |
| consignment sent | 28,000 |
| inventory purchased on FOB shipping point | 13,000 |
| correct december 31 inventory | 341,000 |
note:Goods sold on FOB shipping need not be included in inventory.
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