Find correct balance for ending inventory on december

Reference no: EM13259634

Gotham Company reported a December 31 ending inventory balanceof $412,000. The following additional information is alsoavailable:

The ending inventory balance of $412,000 included $72,000 ofconsigned inventory for which Gotham was the consignor.

The ending inventory balance of $412,000 included $22,000 of officesupplies that were stored in the warehouse and were to be used bythe company's supervisors and managers during the coming year.

The ending inventory balance of $412,000 did not include goodscosting $48,000 that were purchased by Gotham on December 28 andshipped FOB destination on that date. Gotham did not receive thegoods until January 2 of the following year.

The ending inventory balance of $412,000 included damaged goods attheir original cost of $38,000. The net realizable value of thedamaged goods was $10,000.

The ending inventory balance of $412,000 included $43,000 ofconsigned inventory for which Gotham was the consignee. Based on this information, the correct balance for ending inventory onDecember 31 is:

Answer

1. $247,000

2. $341,000

3. $362,000

4. $319,000

Reference no: EM13259634

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