Reference no: EM132325572

Question

On December 31, Bennett Company had an ending inventory of $92,700 based primarily on a physical count at its warehouse. In computing the final balance of Inventory, the following information was available:

(a) Inventory items with a cost of $3,380 were included in ending inventory. These goods were on consignment to Miller Company. They had not yet been sold.

(b) Inventory items with a cost of $2,200 were included in ending inventory. These goods were in transit from Anderson Company to Bennett Company and were purchased FOB shipping point.

(c) Inventory items with a cost of $2,090 were excluded from ending inventory. These goods were in transit from Bennett Company to Wilson Company and were sold FOB destination.

Required:

Using the information given above, compute the correct final balance of Inventory.

Correct ending inventory balance:

$