Compute the correct final balance of inventory

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Question - On December 31, Green Company had an ending inventory of $80,000 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 $3,650 were included in ending inventory. These goods were on consignment from Watson Company and had not yet been sold on December 31.

(b) Inventory items with a cost of $2,860 were included in ending inventory. These goods were in transit from Bryant Company to Green Company and were purchased FOB shipping point.

(c) Inventory items with a cost of $2,600 were included in ending inventory. These goods were in transit from Cox Company to Green Company and were purchased FOB destination.

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

Reference no: EM132569150

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