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Determine the total amount that should be included

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Question - 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$37,200Goods held on consignment (consignor is National Manufacturer)6,400Goods that Chen's Chattel, as the consignor, has for sale at the location of the Grand Avenue Vista4,600Sales invoices indicate that merchandise was shipped on June 29, terms FOB shipping point, delivered at buyer's receiving dock on July 33,800Sales invoices indicate that merchandise was shipped on June 25, terms FOB destination, delivered at buyer's receiving dock on July 53,100

Determine the total amount that should be included in Chen's Chattel's year-end inventory.

Reference no: EM132588610

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