PRINTER VERSION BACK Exercise 8-5 In an annual audit of Pina Colada Company Limited, you find that a physical inventory count on December 31, 2017, showed merchandise of $442,000. You also discover that the following items were excluded from the $442,000. 1. Merchandise of $60,300 is held by Pina Colada on consignment from BonBon Corporation. 2. Merchandise costing $32,100 was shipped by Pina Colada f.o.b. destination to XYZ Ltd. on December 31, 2017. This merchandise was accepted by XYZ on January 6, 2018. 3. Merchandise costing $46,200 was shipped f.o.b. shipping point to ABC Company on December 29, 2017. This merchandise was received by ABC on January 10, 2018. 4. Merchandise costing $73,800 was shipped f.o.b. destination from Wholesaler Inc. to Pina Colada on December 30, 2017. Pina Colada received the items on January 3, 2018. 5. Merchandise costing $50,300 was shipped by Distributor Ltd. f.o.b. shipping point on December 30, 2017, and received at Pina Colada's office on January 2, 2018. I t 7. Pina Colada incurred $2,000 for interest expense on inventory it purchased through delayed payment plans in fiscal 2017. 6. Pina Colada had excess inventory and incurred an additional $1,420 in storage costs due to delayed shipment in transaction (3) above. (a) Based on the information provided above, calculate the amount of inventory that should appear on Pina Colada's December 31, 2017 balance sheet. Amount of inventory $ LINK TO TEXT LINK TO TEXT LINK TO TEXT Question Attempts: 0 of 3 used SAVE FOR LATER SUBNET ANTWER NEXT