Reference no: EM132406658
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.
Based on the above information, calculate the amount that should appear on Martin's balance sheet at December 31, 2020, for inventory.
Inventory as on December 31, 2020
How do you calculate the amount on the balance sheet
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