Bunson Supply Inc. had a physical inventory count at 12-31-2020 of $200,000 The following items were NOT
Question:
Bunson Supply Inc. had a physical inventory count at 12-31-2020 of $200,000 The following items were NOT INCLUDED in this inventory count. Based on the information provided, calculate the proper ending inventory amount.
1 Merchandise is held by Bunson on consignment. Consignor is Sleuth Corp.
1,000
2 Merchandise was shipped by Bunson, fob destination on 12-31-20. The customer is expected to receive the merchandise on 1-2021.
5,000
3 Merchandise was shipped by Bunson, fob shipping on 12-29-2020. The customer is expected to receive the merchandise on 1-5-2021.
10,000
4 Merchandise was shipped by a vendor to Bunson, fob destination on 12-30-2020. This merchandise was received by Bunson of 1-4-2021.
4,000
5 Merchandise was shipped by a vendor to Bunson, fob shipping point on 12-30-2020. This merchandise was received by Bunson of 1-6-2022.
8,000
ADJUSTED INVENTORY AMOUNT __________________________
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones