Compute the correct final balance of inventory

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Question - On December 31, Bell Company had an ending inventory of $116,500 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 $3,060 were excluded from ending inventory. These goods were on consignment from Gonzales Company and had not yet been sold on December 31.

(b) Inventory items with a cost of $2,300 were included in ending inventory. These goods were in transit from Bell Company to Thompson Company and were sold FOB shipping point.

(c) Inventory items with a cost of $2,180 were included in ending inventory. These goods were in transit from Bell Company to Edwards Company and were sold FOB destination.

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

Reference no: EM132619754

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