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Determine the correct amount of inventory

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Question: As a result of a thorough physical inventory, Concord Company determined that it had inventory worth $320700 at December 31, 2020. This count did not take into consideration the following facts: Walker Consignment currently has goods worth $47000 on its sales floor that belong to Concord but are being sold on consignment by Walker. The selling price of these goods is $75700. Concord purchased $22000 of goods that were shipped on December 27, FOB destination, that will be received by Concord on January 3. Determine the correct amount of inventory that Concord should report.

Reference no: EM132735526

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