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

Gresa 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. Gresa 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, $14,000) 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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  • CreatedMarch 02, 2015
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