Question: Travis Company has just completed a physical inventory count at year - end, December 3 1 of the current year. Only the items on the

Travis Company has just completed a physical inventory count at year-end,

Travis Company has just completed a physical inventory count at year

-

end, December

31

of the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to $

65, 600 .

During the audit, the independent CPA developed the following additional information:

December 31 of the current year. Only the items on the shelves,

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