Solution-Compute the correct final balance of Inventory

Compute the correct final balance of Inventory

Reference no: EM132494259

Question - On December 31, Phillips Company had an ending inventory of $84,600 based primarily on a physical count at its warehouse. In computing the final balance of Inventory, the following information was available:

(a) Inventory items with a cost of $2,690 were included in ending inventory. These goods were on consignment to Hill Company. They had not yet been sold.

(b) Inventory items with a cost of $2,140 were included in ending inventory. These goods were in transit from Phillips Company to Smith Company and were sold FOB shipping point.

(c) Inventory items with a cost of $2,550 were included in ending inventory. These goods were in transit from Lopez Company to Phillips Company and were purchased FOB destination.

Required - Using the information given above, compute the correct final balance of Inventory.

Reference no: EM132494259

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Compute the correct final balance of Inventory

Reference no: EM132494259

Reference no: EM132494259

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