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What is Metlock correct ending inventory balance

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Question - At December 31, 2017 Metlock, Inc. inventory records indicated a balance of $644000. Upon further investigation it was determined that this amount included the following:

$115000 in inventory purchases made by Metlock shipped from the seller 12/27/17 terms FOB destination, but not due to be received until January 2nd

$87000 in goods sold by Metlock with terms FOB destination on December 27th. The goods are not expected to reach their destination until January 6th

$5000 of goods received on consignment from Dollywood Company

What is Metlock correct ending inventory balance at December 31, 2017?

Reference no: EM132509676

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