Concord Company just took its physical inventory. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $260,000. In reviewing the details of the count and related inventory transactions, you have discovered the following.1. Concord has sent inventory costing $21,000 on consignment to Alissa Company. All of this inventory was at Alissa’s showrooms on December 31.2. The company did not include in the count inventory (cost, $20,000) 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, $13,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31.Compute the correct December 31 inventory.Correct December 31 inventory $enter the Correct December 31 inventory in dollars

Consignor is the owner of the goods and the goods at consignee's showroom should be included in the…

Answered: Concord Company just took its physical…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concord Company just took its physical inventory. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $260,000. In reviewing the details of the count and related inventory transactions, you have discovered the following.

1.		Concord has sent inventory costing $21,000 on consignment to Alissa Company. All of this inventory was at Alissa’s showrooms on December 31.
2.		The company did not include in the count inventory (cost, $20,000) 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, $13,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31.

Compute the correct December 31 inventory.

Correct December 31 inventory

$enter the Correct December 31 inventory in dollars

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