What is the Correct December 31 inventory amount ?? Bramble 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 $280,000. In reviewing the details of the count and related inventory transactions, you have discovered the following.1. Bramble has sent inventory costing $26,000 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, $12,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31.Compute the correct December 31 inventory.

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Description: What is the Correct December 31 inventory amount ?? Bramble 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 $280,000. In reviewing the details of

The actual value of inventory includes the exact value of goods owned by the business.

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FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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What is the Correct December 31 inventory amount ??

Bramble 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 $280,000. In reviewing the details of the count and related inventory transactions, you have discovered the following.

1.		Bramble has sent inventory costing $26,000 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, $12,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31.

Compute the correct December 31 inventory.

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