Solution-Find the correct final balance of Inventory

Find the correct final balance of Inventory

Reference no: EM132633093

Question - On December 31, Bennett Company had an ending inventory of $116,100 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 $3,710 were excluded from ending inventory. These goods were on consignment from Martinez Company and had not yet been sold on December 31.

(b) Inventory items with a cost of $3,460 were included in ending inventory. These goods were in transit from Bennett Company to Bell Company and were sold FOB shipping point.

(c) Inventory items with a cost of $2,040 were excluded from ending inventory. These goods were in transit from Bennett Company to Rodriguez Company and were sold FOB destination.

Required - Using the information given above, find the correct final balance of Inventory.

Reference no: EM132633093

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Find the correct final balance of Inventory

Reference no: EM132633093

Reference no: EM132633093

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