Schreiber Corporation performed an inventory count on its year end date of November 30, 2021. The physical

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Question:

Schreiber Corporation performed an inventory count on its year end date of November 30, 2021. The physical count reported on that date was $756,120. As of November 30, 2021, the bookkeeper adjusted the balance in the Merchandise Inventory account to agree to the $756,120 physical count.

Schreiber Corporation uses the periodic system to account for their inventory transactions.

The following items were excluded from the November 30, 2021 physical count:

An invoice for an inventory purchase on account was received and recorded on November 27, 2021. The shipping terms were f.o.b. shipping point. The goods were shipped on November 30, and Schreiber Corporation received the goods on December 6, 2021. The amount of the invoice was $4,400.

The monthly freight invoice for inventory purchases was received on December 10, 2021. The bill related to merchandise purchased in October, none of which was sold by year end. The amount of the invoice was $3,695.

The following items were included in the November 30, 2021 physical count:

Schreiber Corporation received goods on November 29, 2021, from consignor Yellowstone Industries Inc. The goods had a cost of $32,450.

An invoice for an inventory purchase on account was received and recorded on November 30, 2021. The shipping terms were f.o.b. destination. The goods were shipped on November 28, 2021. Schreiber Corporation received the goods on December 5, 2021. The amount of the invoice was $6,700.

Required:

Calculate the amount at which inventory should be reported on the statement of financial position for Schreiber Corporation on November 30, 2021.