Reference no: EM132561076
Question - Aggie Company just completed a physical inventory count of its inventory at year-end, Dec. 31, 2014. The count included all items on its shelves and in storage. The following items were in transit and were not included in the ending inventory amount of $34,000.
a. On December 27, Aggie purchased goods costing $1,400. The goods were shipped from the supplier, FOB destination on December 27.
b. On December 30, Aggie shipped goods costing $1,500 to customers, with terms FOB shipping point.
c. On December 31, Aggie shipped $900 worth of goods to a customer, FOB destination.
d. On December 26, Aggie purchased goods costing $2,800. The goods were shipped to Aggie, FOB shipping point on that date.
Required - Determine the correct inventory balance for Aggie on December 31, 2014.
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