Reference no: EM132728426
Teal Mountain , Inc.'s inventory of $856,000 at December 31, 2017, was based on a physical count of goods priced at cost. The total does not include any adjustments for the following items.
(a) Goods shipped from a vendor f.o.b. destination on December 24, 2017, at an invoice cost of $9,000 to Teal Mountain were received on January 4, 2018. These goods were excluded from the physical count.
(b) The physical count excluded goods held by a retailer (Deals Corp.) on consignment for Teal Mountain , Inc. The cost of these goods to Teal Mountain was $35,500. Teal Mountain did not record a sale when it shipped the goods to Deals.
(c) The inventory included $47,200 of goods that were in Teal Mountain 's warehouse on the morning of December 31, 2017 but were shipped to a customer f.o.b. shipping point later that day, after they had been included in the physical inventory count.
Problem 1: What inventory amount should appear on Teal Mountain 's December 31, 2017 balance sheet?
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