In your audit of Joseph Moore Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $411,580 was on hand at that date. You also discover the following items were all excluded from the $411,580.1. Merchandise of $60,710 which is held by Moore on consignment. The consignor is the Max Suzuki Company.2. Merchandise costing $38,360 which was shipped by Moore f.o.b. destination to a customer on December 31, 2020. The customer was expected to receive the merchandise on January 6, 2021.3. Merchandise costing $46,920 which was shipped by Moore f.o.b. shipping point to a customer on December 29, 2020. The customer was scheduled to receive the merchandise on January 2, 2021.4. Merchandise costing $82,010 shipped by a vendor f.o.b. destination on December 30, 2020, and received by Moore on January 4, 2021.5. Merchandise costing $55,300 shipped by a vendor f.o.b. shipping point on December 31, 2020, and received by Moore on January 5, 2021.Based on the above information, calculate the amount that should appear on Moore’s balance sheet at December 31, 2020, for inventory.

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Description: In your audit of Joseph Moore Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $411,580 was on hand at that date. You also discover the following items were all excluded from the $411,580.1. Merchand

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Financial Accounting

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ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

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Problem 7PA: Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks...

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In your audit of Joseph Moore Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $411,580 was on hand at that date. You also discover the following items were all excluded from the $411,580.

1.		Merchandise of $60,710 which is held by Moore on consignment. The consignor is the Max Suzuki Company.
2.		Merchandise costing $38,360 which was shipped by Moore f.o.b. destination to a customer on December 31, 2020. The customer was expected to receive the merchandise on January 6, 2021.
3.		Merchandise costing $46,920 which was shipped by Moore f.o.b. shipping point to a customer on December 29, 2020. The customer was scheduled to receive the merchandise on January 2, 2021.
4.		Merchandise costing $82,010 shipped by a vendor f.o.b. destination on December 30, 2020, and received by Moore on January 4, 2021.
5.		Merchandise costing $55,300 shipped by a vendor f.o.b. shipping point on December 31, 2020, and received by Moore on January 5, 2021.

Based on the above information, calculate the amount that should appear on Moore’s balance sheet at December 31, 2020, for inventory.

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