Hi there,How do I determne the correct inventory amount on December 31st?Thanks Gatineau Bank is considering giving Ayayai Corporation a short-term bank loan. Before doing so, it decides that further discussionswith Ayayai's accountant may be desirable. One area of particular concern is the inventory account, which according to a recentphysical inventory count has a balance of $264,300 at December 31. This count agreed with the accounting records. Discussions withthe accountant reveal the following:1.2.3.4.5.6.Ayayai sold goods costing $37,300 to India-based Moghul Company, FOB destination, on December 28. Ayayai does notexpect the goods to arrive in India until January 12. The goods were not included in the physical inventory count, becausethey were not in the warehouse.The physical inventory count did not include goods costing $86,000 that a supplier shipped to Ayayai, FOB shipping point, onDecember 27 and that were still in transit at year end.Ayayai received goods costing $29,000 on January 2. The goods were shipped FOB shipping point on December 26 by CellarCorp. The goods were not included in the physical inventory count.Ayayai sold goods costing $50,000 to United Kingdom-based Sterling of Britain Ltd., FOB shipping point, on December 30.Sterling received the goods on January 8. They were not included in Ayayai's physical inventory count.On December 31, Schiller Corporation had $32,500 of goods held on consignment for Ayayai. The goods were not included inthe physical inventory count.Included in the physical inventory count were $13,900 of parts for outdated products that the company had not been able tosell. It is unlikely that these obsolete parts will have any other use. Ending inventory physical count1.2.3.4.5.6.Correct inventory$tAtA

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tant reveal the following: ayai sold goods costing $37,300 to India-based Moghul Company, FOB destination, on December 28. Ayayai does not pect the goods to arrive in India until January 12. The goods were not included in the physical inventory count, because ey were not in the warehouse. e physical inventory count did not include goods costing $86,000 that a supplier shipped to Ayayai, FOB shipping point, on cember 27 and that were still in transit at year end. ayai received goods costing $29,000 on January 2. The goods were shipped FOB shipping point on December 26 by Cellar rp. The goods were not included in the physical inventory count. ayai sold goods costing $50,000 to United Kingdom-based Sterling of Britain Ltd., FOB shipping point, on December 30. erling received the goods on January 8. They were not included in Ayayai's physical inventory count. December 31, Schiller Corporation had $32,500 of goods held on consignment for Ayayai. The goods were not included in e physical inventory count. cluded in the physical inventory count were $13,900 of parts for outdated products that the company had not been able to I. It is unlikely that these obsolete parts will have any other use.

tant reveal the following: ayai sold goods costing $37,300 to India-based Moghul Company, FOB destination, on December 28. Ayayai does not pect the goods to arrive in India until January 12. The goods were not included in the physical inventory count, because ey were not in the warehouse. e physical inventory count did not include goods costing $86,000 that a supplier shipped to Ayayai, FOB shipping point, on cember 27 and that were still in transit at year end. ayai received goods costing $29,000 on January 2. The goods were shipped FOB shipping point on December 26 by Cellar rp. The goods were not included in the physical inventory count. ayai sold goods costing $50,000 to United Kingdom-based Sterling of Britain Ltd., FOB shipping point, on December 30. erling received the goods on January 8. They were not included in Ayayai's physical inventory count. December 31, Schiller Corporation had $32,500 of goods held on consignment for Ayayai. The goods were not included in e physical inventory count. cluded in the physical inventory count were $13,900 of parts for outdated products that the company had not been able to I. It is unlikely that these obsolete parts will have any other use.

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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