Wildhorse Co. just took its physical inventory on December 31. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $289,300. In reviewing the details of the count and related inventory transactions, you have discovered the following items that had not been considered.1. Wildhorse has sent inventory costing $30,510 on consignment to Richfield Company. All of this inventory was at Richfield’s showrooms on December 31.2. The company did not include in the count inventory (cost, $18,270) 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, $12,840) that was purchased with terms of FOB shipping point. The goods were in transit on December 31.Compute the correct December 31 inventory.Correct December 31 inventory $enter a dollar amount

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Asked Nov 21, 2019
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Wildhorse Co. just took its physical inventory on December 31. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $289,300. In reviewing the details of the count and related inventory transactions, you have discovered the following items that had not been considered.

1.   Wildhorse has sent inventory costing $30,510 on consignment to Richfield Company. All of this inventory was at Richfield’s showrooms on December 31.
2.   The company did not include in the count inventory (cost, $18,270) 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, $12,840) that was purchased with terms of FOB shipping point. The goods were in transit on December 31.


Compute the correct December 31 inventory.

Correct December 31 inventory
 
$enter a dollar amount 
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Inventory: Inventory is the current asset account which includes all the costs inc...

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