Coronado Industries just took its physical inventory on December 31. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $ 316,000. In reviewing the details of the count and related inventory transactions, you have discovered the following items that had not been considered. 1. Coronado has sent inventory costing $ 27,250 on consignment to Richfield Company. All of this inventory was at Richfield’s showrooms on December 31.
2. The company did not include in the count inventory (cost, $ 21,320) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31.
3. The company did not include in the count inventory (cost, $ 12,150) that was purchased with terms of FOB shipping point. The goods were in transit on December 31.

Required:
Compute the correct December 31 inventory.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

mauve company permits employees to occasionally use the copying machine for personal purposes

they work in some type of way

answer; dogs;