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On December 31, Baker Company had an ending inventory of $79,600 based primarily on a physical count at its warehouse.
On December 31, Baker Company had an ending inventory of $79,600 based primarily on a physical count at its warehouse. In computing the final balance of Inventory, the following information was available:(a) Inventory items with a cost of $2,650 were excluded from ending inventory. These goods were on consignment to Price Company and had not yet been sold by December 31.
(b) Inventory items with a cost of $3,280 were included in ending inventory. These goods were in transit from Baker Company to Brooks Company and were sold FOB shipping point.
(c) Inventory items with a cost of $2,660 were included in ending inventory. These goods were in transit from Baker Company to Ward Company and were sold FOB destination.
Required:
Using the information given above, compute the correct final balance of Inventory.
