Reference no: EM132607614
Question - Ending Inventory Costs
Sandy Chen owns a small specialty store, named Chen's Chattel, whose year-end is June 30. A physical inventory taken on June 30 reveals the following:
Cost of merchandise on the showroom floor and in the warehouse $43,600
Goods held on consignment (consignor is National Manufacturer) $6,400
Goods that Chen's Chattel, as the consignor, has for sale at the location of the Grand Avenue Vista $4,400
Sales invoices indicate that merchandise was shipped on June 29, terms FOB shipping point, delivered at buyer's receiving dock on July 3 $3, 800
Sales invoices indicate that merchandise was shipped on June 25, terms FOB destination, delivered at buyer's receiving dock on July 5 $4,000
Determine the total amount that should be included in Chen's Chattel's year-end inventory.
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