Reference no: EM133067205
Question - Yellowstone Industries Inc. performed an inventory count on its year end date of June 30, 2021. The physical count reported on that date was $774,115. As of June 30, 2021, the bookkeeper adjusted the balance in the Merchandise Inventory account to agree to the $774,115 physical count.
Yellowstone Industries uses the periodic system to account for their inventory transactions.
The following items were excluded from the June 30, 2021 physical count:
An invoice for an inventory purchase on account was received and recorded on June 25, 2021. The shipping terms were f.o.b. shipping point. The goods were shipped on June 29, 2021. Yellowstone Industries received the goods on July 4, 2021. The amount of the invoice was $4,900.
The monthly freight invoice for inventory purchases was received on July 10, 2021. The bill related to merchandise purchased in May, none of which was sold by year end. The amount of the invoice was $1,159.
The following items were included in the June 30, 2021 physical count:
-Yellowstone Industries received goods on June 30, 2021, from consignor Schreiber Corporation. The goods had a cost of $6,117.
-An invoice for an inventory purchase on account was received and recorded on June 28, 2021. The shipping terms were f.o.b. destination. The goods were shipped on June 29, and Yellowstone Industries received the goods on July 3, 2021. The amount of the invoice was $9,998.
Required - Calculate the amount at which inventory should be reported on the statement of financial position for Yellowstone Industries Inc. on June 30, 2021.
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: Calculate the amount at which inventory should be reported on the statement of financial position for Yellowstone Industries Inc. on June 30, 2021
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