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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, 2021, was $260,000 (based on a 12/31/2021 physical count) before considering the following transactions:

Goods shipped to Kwok f.o.b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $49,000.

Goods shipped to Kwok f.o.b. shipping point on December 28, 2021, were received on January 5, 2022. The invoice cost was $36,000.

Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2021, were received by the customer on January 3, 2022. The sales price was $59,000 and the merchandise cost $41,000.

Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2021, were received by the customer on December 30, 2021. The sales price was $39,000 and the merchandise cost $32,000.

Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2021, were received by the customer on January 4, 2022. The sales price was $44,000 and the merchandise cost $31,000.

Required - Determine the correct inventory amount to be reported in Kwok's 2021 balance sheet.

Reference no: EM132978121

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