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Determine the correct inventory amount to be reported

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Question - The Kwok Company's inventory balance on December 31, 2016, was $185,000 (based on a 12/31/16 physical count) before considering the following transactions:

1. Goods shipped to Kwok f.o.b. destination on December 20, 2016, were received on January 4, 2017. The invoice cost was $34,000.

2. Goods shipped to Kwok f.o.b. shipping point on December 28, 2016, were received on January 5, 2017. The invoice cost was $21,000.

3. Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2016, were received by the customer on January 3, 2017. The sales price was $44,000 and the merchandise cost $26,000.

4. Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2016, were received by the customer on December 30, 2016. The sales price was $24,000 and the merchandise cost $17,000.

5. Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2016, were received by the customer on January 4, 2017. The sales price was $29,000 and the merchandise cost $16,000.

Required - Determine the correct inventory amount to be reported in Kwok's 2016 balance sheet.

Reference no: EM132535424

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