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On December 31, Roberts Company had an ending inventory of $93,000 based primarily on a physical count at its warehouse. In computing the final balance of Inventory, the following information was available:
Point (a) Inventory items with a cost of $3,960 were included in ending inventory. These goods were on consignment to White Company. They had not yet been sold.
Point (b) Inventory items with a cost of $2,670 were excluded from ending inventory. These goods were in transit from Roberts Company to Lewis Company and were sold FOB shipping point.
Point (c) Inventory items with a cost of $3,840 were included in ending inventory. These goods were in transit from Coleman Company to Roberts Company and were purchased FOB destination.
Required:
Problem 1: Using the information given above, compute the correct final balance of Inventory.
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