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Calculate the amount that appear on Garza balance sheet

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Reference no: EM132455042

Problem - In your audit of Garza Company, you find that a physical inventory on December 31, 2010, showed merchandise with a cost $471,000 was on hand at that date. You also discover the following items were all excluded from the inventory count.

Merchandise of $61,000, which was shipped by Garza as f.o.b. shipping point. The buyer is the Bontemps Company.

Merchandise costing $33,000, which was on consignment. The consignee is the Proctor Company.

Merchandise costing $95,000, which was shipped by Garza f.o.b. destination to a customer on December 29, 2010. The customer was scheduled to receive the merchandise on January 2, 2011.

Merchandise costing $103,000 shipped by a vendor f.o.b. destination on December 30, 2010, and received by Garza on January 4, 2011.

Merchandise costing $85,000 shipped by a vendor f.o.b. shipping point on December 31, 2010, and received by Garza on January 5, 2011.

Required - Based on the above information, calculate the amount that should appear on Garza's balance sheet at December 31, 2010, for inventory.

Reference no: EM132455042

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