In your audit of Chris Anderson Company, you find that a physical inventory on December 31,...

In your audit of Chris Anderson Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $439,750 was on hand at that date. You also discover the following items were all excluded from the $439,750.

1.		Merchandise of $63,260 which is held by Anderson on consignment. The consignor is the Max Suzuki Company.
2.		Merchandise costing $34,870 which was shipped by Anderson f.o.b. destination to a customer on December 31, 2020. The customer was expected to receive the merchandise on January 6, 2021.
3.		Merchandise costing $44,590 which was shipped by Anderson f.o.b. shipping point to a customer on December 29, 2020. The customer was scheduled to receive the merchandise on January 2, 2021.
4.		Merchandise costing $76,380 shipped by a vendor f.o.b. destination on December 30, 2020, and received by Anderson on January 4, 2021.
5.		Merchandise costing $54,450 shipped by a vendor f.o.b. shipping point on December 31, 2020, and received by Anderson on January 5, 2021.

Based on the above information, calculate the amount that should appear on Anderson’s balance sheet at December 31, 2020, for inventory.

Inventory as on December 31, 2020

$enter a dollar amount of the Inventory as on December 31, 2017

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Expert Solution

ekkarill92 answered 1 year ago

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