Home / Questions / In your audit of Tony Company, you find that a physical inventory on December 31, 2017, showed...
In your audit of Tony Company, you find that a physical inventory on December 31, 2017, showed merchandise with a cost of $480,770 was on hand at that date. You also discover the following items were all excluded from the $480,770.
| 1. | Merchandise of $61,520 which is held by Tony on consignment. The consignor is the Max Suzuki Company. | |
| 2. | Merchandise costing $36,000 which was shipped by Tony f.o.b. destination to a customer on December 31, 2017. The customer was expected to receive the merchandise on January 6, 2018. | |
| 3. | Merchandise costing $49,580 which was shipped by Tony f.o.b. shipping point to a customer on December 29, 2017. The customer was scheduled to receive the merchandise on January 2, 2018. | |
| 4. | Merchandise costing $90,200 shipped by a vendor f.o.b. destination on December 30, 2017, and received by Tony on January 4, 2018. | |
| 5. | Merchandise costing $49,250 shipped by a vendor f.o.b. shipping point on December 31, 2017, and received by Tony on January 5, 2018. |
Based on the above information, calculate the amount that should appear on Tony’s balance sheet at December 31, 2017, for inventory.
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