Reference no: EM131222684
The Mateo Corporation's inventory at December 31, 2016, was $325,000 based on a physical count priced at cost, and before any necessary adjustment for the following:
• Merchandise costing $30,000, shipped f.o.b. shipping point from a vendor on December 30, 2016, was received on January 5, 2017.
• Merchandise costing $22,000, shipped f.o.b. destination from a vendor on December 28, 2016, was received on January 3, 2017.
• Merchandise costing $38,000 was shipped to a customer f.o.b. destination on December 28, arrived at the customer's location on January 6, 2017.
• Merchandise costing $12,000 was being held on consignment by Traynor Company. What amount should Mateo Corporation report as inventory in its December 31, 2016, balance sheet?
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: The Mateo Corporation's inventory at December 31, 2016, was $325,000 based on a physical count priced at cost, and before any necessary adjustment for the following: Merchandise costing $30,000, shipped f.o.b. shipping point from a vendor on December..
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