ENDING INVENTORY COSTS Sandy Chen owns a small specialty store, named Chen’s Chattel, whose year-end is June 30. Determine the total amount that should be included in Chen’s Chattel’s year-end inventory. A physical inventory taken on June 30 reveals the following:Cost of merchandise on the showroom floor and in the warehouse $43,600Goods held on consignment (consignor is National Manufacturer) 6,400Goods that Chen’s Chattel, as the consignor, has for sale at thelocation of the Grand Avenue Vista 4,400Sales invoices indicate that merchandise was shipped onJune 29, terms FOB shipping point, delivered at buyer’sreceiving dock on July 3 3,800Sales invoices indicate that merchandise was shipped on June 25,terms FOB destination, delivered at buyer’s receiving dockon July 5 4,000
ENDING INVENTORY COSTS Sandy Chen owns a small specialty store, named Chen’s Chattel, whose year-end is June 30. Determine the total amount that should be included in Chen’s Chattel’s year-end inventory. A physical inventory taken on June 30 reveals the following:
Cost of merchandise on the showroom floor and in the warehouse $43,600
Goods held on consignment (consignor is National Manufacturer) 6,400
Goods that Chen’s Chattel, as the consignor, has for sale at the
location of the Grand Avenue Vista 4,400
Sales invoices indicate that merchandise was shipped on
June 29, terms FOB shipping point, delivered at buyer’s
receiving dock on July 3 3,800
Sales invoices indicate that merchandise was shipped on June 25,
terms FOB destination, delivered at buyer’s receiving dock
on July 5 4,000
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