Do not give answer in image The unadjusted inventory balance of Ultim Corp. is $220,000 on December 31 based on a physical inventory count. Thefollowing items must be considered before the inventory valuation is finalized.a. On December 31, the physical inventory excluded $550 of merchandise inventory set aside for expected shipment to acustomer.b. On December 31, the physical inventory excluded $2,200 of merchandise inventory out on consignment in a customer'sshowroom.c. On December 31, the physical inventory excluded $1,760 of merchandise held on consignment.d. In-transit merchandise of $1,650 was shipped f.o.b. destination to a customer and was excluded from the physicalinventory count. The merchandise was turned over to a common carrier on December 28 and is delivered to the customeron December 31.e. Ultim Corp. ordered $1,760 of merchandise on December 26. The merchandise was shipped to Ultim Corp. f.o.b.shipping point on December 30 and was expected to arrive January 2 of next year. The merchandise was not included inthe physical inventory count.f. A return to a vendor of merchandise for $2,200 was in transit on December 31 and was excluded from the physicalinventory count. The merchandise was shipped f.o.b. shipping point on December 30.RequiredReview items a through fand determine the adjusted inventory balance for year-end December 31.Adjusted inventory balance on December 31:

Name: Do not give answer in image The unadjusted inventory balance of Ultim
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Do not give answer in image The unadjusted inventory balance of Ultim Corp. is $220,000 on December 31 based on a physical inventory count. Thefollowing items must be considered before the inventory valuation is finalized.a. On December 31, the physi