Current Attempt in Progress
In your audit of Kenneth Clark Company, you find that a physical inventory on December 31, 2025, showed merchandise with a cost of
$433,700 was on hand at that date. You also discover the following items were all excluded from the $433,700.
1. Merchandise of $59,600 which is held by Clark on consignment. The consignor is the Max Suzuki Company.
2. Merchandise costing $37,860 which was shipped by Clark f.o.b. destination to a customer on December 31, 2025. The
customer was expected to receive the merchandise on January 6, 2026.
3. Merchandise costing $49,940 which was shipped by Clark f.o.b. shipping point to a customer on December 29, 2025. The
customer was scheduled to receive the merchandise on January 2, 2026.
4. Merchandise costing $75,660 shipped by a vendor f.o.b. destination on December 30, 2025, and received by Clark on January
4,2026.
5. Merchandise costing $47,910 shipped by a vendor f.o.b. shipping point on December 31, 2025, and received by Clark on
January 5, 2026.
Based on the above information, calculate the amount that should appear on Clark's balance sheet at December 31, 2025, for
inventory.
Inventory as on December 31, 2025 $