Reference no: EM133185842
Question - Malloy Enterprises' inventory at December 31, Year 2, was $1,900,000 based on a physical count priced at cost, and before any necessary adjustment for the following:
Returned merchandise, from a customer, costing $45,000 was received on January 2, Year 3. The goods were shipped FOB shipping point on December 30, Year 2.
Merchandise costing $65,000 had been shipped to a customer FOB destination on December 31, Year 2, and was excluded in inventory count above. The company was notified that the customer received the order on January 3, Year 3.
Merchandise costing $30,000 was shipped FOB shipping point from a vendor on December 31, Year 2, and was received and recorded on January 5, Year 3.
Required - What amount should Malloy report as inventory in its December 31, Year 2, balance sheet?
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