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What amount of total assets should windrunner report

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Reference no: EM132506842

Windrunner Company has the following information related to inventory:

  1. Inventory with a cost of $226,000 was physically present and counted in the warehouse on December 31.
  2. Inventory received on consignment on December 23 and unsold at year-end amounted to $18,000.
  3. Inventory shipped out on consignment on December 26 and unsold at year-end had a sale price of $30,000 and markup on cost of 20%.
  4. Windrunner anticipates $9,000 of returns on recently sold inventory at year-end.
  5. On December 15, Windrunner sold and shpped 15,000 of inventory with a non-cancellable repurchase contract in place. The repurchase will not take place until January 15.
  6. As of year-end, Windrunner had $31,000 of inventory out at a local machine shop for annealing and machining.
  7. Inventory with a cost of 21,000 had been ordered FOB destination by Windrunner on December 29. The inventory is scheduled to arrive on January 2.

Question 1: What amount of total assets should Windrunner report on its December 31 balance sheet for inventory?

Reference no: EM132506842

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