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What is the adjusted inventory cost of Bailey Company

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Question - Bailey Company completed its inventory count on December 31, 2020. It arrived at a total inventory value of $120,900, counting everything currently on hand in its warehouse. Additional information affect the inventory count and cost are as follows:

1. Goods costing $34,090 that are being held on consignment for another company were included in the inventory.

2. Goods purchased for $23,500 and in transit at December 31, 2020 (terms FOB shipping point) were not included in inventory.

3. Inventory sold for $35,000 that cost $20,000 when purchased and was in transit at December 31, 2020 (term FOB destination) was not included in the count.

Required - What is the adjusted inventory cost of Bailey Company on December 31, 2020?

Reference no: EM133051846

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