Business, 19.10.2021 01:00 gdufdgjki

Coronado Industries 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 $ 316,000. In reviewing the details of the count and related inventory transactions, you have discovered the following items that had not been considered. 1. Coronado has sent inventory costing $ 27,250 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, $ 21,320) 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, $ 12,150) that was purchased with terms of FOB shipping point. The goods were in transit on December 31.

Required:
Compute the correct December 31 inventory.

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Coronado Industries just took its physical inventory on December 31. The count of inventory items on...

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