Determine the correct final balance of inventory

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Question - On December 31, Garcia Company had an ending inventory of $112,100 based primarily on a physical count at its warehouse. In computing the final balance of Inventory, the following information was available:

(a) Inventory items with a cost of $2,070 were excluded from ending inventory. These goods were on consignment from Phillips Company and had not yet been sold on December 31.

(b) Inventory items with a cost of $2,470 were included in ending inventory. These goods were in transit from Garcia Company to Wilson Company and were sold FOB shipping point.

(c) Inventory items with a cost of $2,450 were excluded from ending inventory. These goods were in transit from Garcia Company to Anderson Company and were sold FOB destination.

Required - Using the information given above, determine the correct final balance of Inventory.

Reference no: EM132547598

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