Solution-Determine the correct inventory amount

Determine the correct inventory amount

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Reference no: EM133048645

Question - Buffalo's Motors had the following inventory situations to consider at its December 31 year end. Physical inventory counted was $15,650.

1. Pete's Propellers had $1,300 of goods held on consignment that were included in Buffalo's physical inventory count.

2. Goods that cost $925 were sold to Walter's Wings and shipped FOB destination on December 28. The goods were not expected to arrive at Walter's until January 4. These goods were not included in the physical inventory count.

3. Goods purchased from a supplier, Mike's Motors, for $2,750 were not received until January 2. The goods were shipped FOB shipping point on December 29 and were not included in the physical count.

Required - Determine the correct inventory amount.

Reference no: EM133048645

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Determine the correct inventory amount

Reference no: EM133048645

Reference no: EM133048645

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