1 1. On December 31, 20X1, Shroff Inc. conducted a physical count of inventory on its premises. Theinventory was valued at $714,555. The following information is also available relating to inventory:On December 31, 20X1, Shroff had possession of $17,525 in inventory on consignment from asupplier, Datatech Inc.ii. On January 2, 20X2, Shroff received inventory from a supplier with the terms FOB Shipping Point.The inventory has a cost of $6,540 and was shipped on December 29, 20X1.iii. Shroff shipped inventory to a customer on December 30, 20X1. The inventory had a cost of $12,520and was received by the customer on January 5, 20X2. The goods were shipped FOB Shipping Point.iv. Eisley Equipment is holding inventory on consignment from Shroff. That inventory has a cost of$18,400.Determine the correct amount at which Shroff should report its inventory as of December 31, 20X1.

Name: 1 1. On December 31, 20X1, Shroff Inc. conducted a physical count of i
Uploaded: 2024-03-20T06:32:37.000Z
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Description: 1 1. On December 31, 20X1, Shroff Inc. conducted a physical count of inventory on its premises. Theinventory was valued at $714,555. The following information is also available relating to inventory:On December 31, 20X1, Shroff had possession of $17,