Compute the correct final balance of Inventory

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Question - On December 31, Sanchez Company had an ending inventory of $89,400 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 $3,960 were excluded from ending inventory. These goods were on consignment to Scott Company and had not yet been sold by December 31.

(b) Inventory items with a cost of $2,620 were excluded from ending inventory. These goods were in transit from Sanchez Company to King Company and were sold FOB shipping point.

(c) Inventory items with a cost of $3,980 were excluded from ending inventory. These goods were in transit from Sanchez Company to Wright Company and were sold FOB destination.

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

Reference no: EM132633061

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