Question: Gomez Company just took its physical inventory The count of

Gomez 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 $300,000.
In reviewing the details of the count and related inventory transactions, you have discovered the following.
1. Gomez has sent inventory costing $26,000 on consignment to Kako Company. All of this inventory was at Kako’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, $17,000) 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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  • CreatedJanuary 30, 2014
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