Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Management Posted 12 Oct 2017 My Price 6.00

Blossom Company

Blossom Company just took its physical inventory on December 31. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $327,900. In reviewing the details of the count and related inventory transactions, you have discovered the following items that had not been considered.

1.   Blossom Company has sent inventory costing $27,700 on consignment to Richfield Company. All of this inventory was at Richfield’s showrooms on December 31.
2.   The company did not include in the count inventory (cost, $20,950) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31.
3.   The company did not include in the count inventory (cost, $12,560) that was purchased with terms of FOB shipping point. The goods were in transit on December 31.


Compute the correct December 31 inventory.

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Oct 2017 10:10 AM My Price 6.00

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