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Determine the correct amount of inventory

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Question - As a result of a thorough physical inventory, Coronado Company determined that it had inventory worth $319600 at December 31, 2020. This count did not take into consideration the following facts: Walker Consignment currently has goods worth $48000 on its sales floor that belong to Coronado but are being sold on consignment by Walker. The selling price of these goods is $74400. Coronado purchased $22500 of goods that were shipped on December 27, FOB destination, that will be received by Coronado on January 3. Determine the correct amount of inventory that Coronado should report.

Reference no: EM132926153

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