Question

A company’s inventory on December 31, 2024, was $344,000 based on a physical count priced at cost, and before any necessary adjustment for the following: Inventory costing $49,000, shipped f.o.b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025. Inventory costing $41,000, shipped f.o.b. destination from a vendor on December 28, 2024, was received on January 3, 2025. Inventory costing $57,000 was shipped to a customer f.o.b. destination on December 28, arrived at the customer’s location on January 6, 2025. Inventory costing $31,000 was being held on consignment by Traynor Company. What amount should the company report as inventory in its December 31, 2024, balance sheet?

          A company’s inventory on December 31, 2024, was $344,000 based on a physical count priced at cost, and before any necessary adjustment for the following:
Inventory costing $49,000, shipped f.o.b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025.
Inventory costing $41,000, shipped f.o.b. destination from a vendor on December 28, 2024, was received on January 3, 2025.
Inventory costing $57,000 was shipped to a customer f.o.b. destination on December 28, arrived at the customer’s location on January 6, 2025.
Inventory costing $31,000 was being held on consignment by Traynor Company.
What amount should the company report as inventory in its December 31, 2024, balance sheet?

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