Reference no: EM132741810
Question - ABC Co. provided you the following information for the purpose of determining the amount of its inventory as of December 31, 20x1:
Goods located at the warehouse (physical count) 3,400,000
Goods located at the sales department (at cost) 15,800,000
Goods in-transit purchased FOB Destination 2,400,000
Goods in-transit purchased FOB Shipping Point 1,600,000
Freight incurred under "freight prepaid" for the goods purchased under FOB Shipping Point 80,000
Goods held on consignment from XYZ, Inc. 1,800,000
Required - How much is the total inventory on December 31, 20x1?
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