Reference no: EM132536741
Question - On December 31 of the current year, Esletat Yrnai Company reported an ending inventory balance of $215,000. The following additional information is also available:
Esletat Yrnai sold and shipped goods costing $38,000 to Savannah Enterprises on December 28 with shipping terms of FOB destination. The goods arrived to Savannah Enterprises on January 8 and were not included in the ending inventory amount of $215,000 by Esletat Yrnai Company.
Esletat Yrnai purchased goods costing $44,000 on December 29. The goods were shipped FOB destination and were received by Esletat Yrnai on January 2 of the following year. The shipment was a rush order that was supposed to arrive by December 31. These goods were included in the ending inventory balance of $215,000.
Esletat Yrnai's ending inventory balance of $215,000 included $15,000 of goods being held on consignment from Carole Company. (Esletat Yrnai Company is the consignee.)
Esletat Yrnai's ending inventory balance of $215,000 did not include goods costing $95,000 that were shipped to Esletat Yrnai on December 27 with shipping terms of FOB destination and were still in transit at year-end.
Based on the above information, what is the corrected (adjusted) amount that Esletat Yrnai should report in ending inventory on December 31? Explain.
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