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Calculate amount that should appear on martin balance sheet

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Question - In your audit of Donald Martin Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $399,450 was on hand at that date. You also discover the following items were all excluded from the $399,450.

1. Merchandise of $61,320 which is held by Martin on consignment. The consignor is the Max Suzuki Company.

2. Merchandise costing $39,580 which was shipped by Martin f.o.b. destination to a customer on December 31, 2020. The customer was expected to receive the merchandise on January 6, 2021.

3. Merchandise costing $42,890 which was shipped by Martin f.o.b. shipping point to a customer on December 29, 2020. The customer was scheduled to receive the merchandise on January 2, 2021.

4. Merchandise costing $75,730 shipped by a vendor f.o.b. destination on December 30, 2020, and received by Martin on January 4, 2021.

5. Merchandise costing $52,310 shipped by a vendor f.o.b. shipping point on December 31, 2020, and received by Martin on January 5, 2021.

Required - Based on the above information, calculate the amount that should appear on Martin's balance sheet at December 31, 2020, for inventory.

Reference no: EM132720650

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