Tamarisk, Inc. just took its physical inventory on December 31. The count of inventory items on hand at the companyâs business locations resulted in a total inventory cost of $289,000. In reviewing the details of the count and related inventory transactions, you have discovered the following items that had not been considered.
1. Tamarisk, Inc. has sent inventory costing $28,570 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, $20,180) 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, $13,190) that was purchased with terms of FOB shipping point. The goods were in transit on December 31.
Compute the correct December 31 inventory.
Answers: 1
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Tamarisk, Inc. just took its physical inventory on December 31. The count of inventory items on hand...
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