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Question - Waterway Company just took its physical inventory. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $260,000. In reviewing the details of the count and related inventory transactions, you have discovered the following.
1. Waterway has sent inventory costing $21,000 on consignment to Alissa Company. All of this inventory was at Alissa'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, $16,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31.
Required - Compute the correct December 31 inventory.
on january 2 2003 alexander together with a number of relatives and friends established chemlite inc. 500000 shares
inventories $4200,000 total $14000,000 current ratio 2.25 acid-test ratio 1.2 debt to equity ratio 1.8
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