Question: Sandy Chen owns a small specialty store, named Chens Chattel, whose year-end is June 30. Determine the total amount that should be included in Chens

Sandy Chen owns a small specialty store, named Chen’s Chattel, whose year-end is June 30. Determine the total amount that should be included in Chen’s Chattel’s year-end inventory. A physical inventory taken on June 30 reveals the following:

Cost of merchandise on the showroom floor and in the warehouse ....... $37,800

Goods held on consignment (consignor is National Manufacturer) ........ 6,400

Goods that Chen’s Chattel, as the consignor, has for sale at the location of the Grand Avenue Vista ............................. 4,600

Sales invoices indicate that merchandise was shipped on June 29, terms FOB shipping point, delivered at buyer’s receiving dock on July 3 .............. 3,800

Sales invoices indicate that merchandise was shipped on June 25, terms FOB destination, delivered at buyer’s receiving dock on July 5 ............... 3,100

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