This paper concentrates on the primary theme of GOTHAM COMPANY REPORTED A DECEMBER 31 ENDING INVENTORY BALANCE OF $412,000. THE FOLLOWING… in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.
gotham company reported a december 31 ending inventory balance of $412,000. The following additional information is also available:The ending inventory balance of $412,000 included $72,000 of consigned inventory for which gotham was the cosignor.The ending inventory balance of $412,000 included $22,000 of office supplies that were stored in the warehouse and were to be used by the company’s supervisors and managers during the coming year. The ending inventory balance of $412,000 did not include goods costing $48,000 that were purchased by Gotham on December 28 and shipped FOB destination on that date. Gotham did not receive the goods until January 2 of the following year.The ending inventory balance of $412,000 included damaged goods at their original cost of $38,000. The net realizable value of the damaged goods was $10,000. The ending inventory balance of $412,000 included $43,000 of consigned inventory for which Gotham was the consignee.Required:Based on the information, calculate the correct ending inventory balance on December 31.