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Determine the proper inventory balance for werth company

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Reference no: EM131797534

Werth Company asks you to review its December 31, 2010 inventory values and prepare the necessary adjustments to the books. The following information is given to you.

• Werth uses the periodic method of recording inventory. A physical count reveals $234,890 of inventory on hand at December 31, 2010.

• Not included in inventory is $8,540 of merchandise purchased from Minsky Industries. This merchandise was received on December 31 after the inventory had been counted. The invoice was received and recorded on December 30.

• Included in inventory was $10,438 of inventory held by Werth on consignment from Jackel Industries.

• Included in inventory is merchandise sold to Sims f.o.b. shipping point. This merchandise was shipped after it was counted. The invoice was prepared and recoded as a sale for $18,900 on December 31, The cost of this merchandise was $11,520, and Sims received the merchandise on January 5.

• Excluded from inventory was a carton labeled "Please accept for credit." This carton contains merchandise costing $1,500, which had been sold to a customer for $2,600. No entry had been made to the books to reflect the return, but none of the returned merchandise seemed damaged.

Determine the proper inventory balance for Werth Company at December 31, 2010.

Reference no: EM131797534

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