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What amount should constance corporation report as inventory

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Reference no: EM132782034

The Constance Corporation's inventory at December 31, 2021 was $130.500 (at cost) based on a physical count of inventory on hand, before any necessary adjustment for the following:

  • Merchandise costing $20,500, shipped f.o.b. shipping point from a vendor on December 27, 2021, was received by Constance on January 5, 2022.
  • Merchandise costing $50,500 was shipped to a customer f.o.b. shipping point on December 28, 2021, arrived at the customer's location on January 6, 2022.
  • Merchandise costing $26,500 was being held on hand for Jess Company on consignment.
  • Estimated sales returns are 20% of annual sales. Sales revenue was $561,000 with a gross profit ratio of 30%.

Question 1: What amount should Constance Corporation report as inventory in its December 31, 2021 balance sheet?

Reference no: EM132782034

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