Waterway Company just took its physical inventory. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $260,000. In reviewing the details of the count and related inventory transactions, you have
discovered the following items had not been considered.
1.
Waterway has sent inventory costing $21,000 on consignment to Alissa Company. All of this inventory was at Alissa's
showrooms on December 31.
2.
The company did not include in the count inventory (cost, $20,000) 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, $16,000) that was purchased with terms of FOB shipping point. The
goods were in transit on December 31.
Compute the correct December 31 inventory