This paper circulates around the core theme of In your audit of Garza Company, you find that a physical inventory on December 31, 2010, showed merchandise with a cost $441,000 was on hand at that date. together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
In your audit of Garza Company, you find that a physical inventory
on December 31, 2010, showed merchandise with a cost $441,000 was on
hand at that date. You also discover the following items were all
excluded from the inventory count.
•Merchandise of $61,000, which is held by Garza on consignment. The consignee is the Bontemps Company.
•Merchandise costing $33,000, which was shipped by Garza f.o.b.
destination to a customer on December 31, 2010. The customer was
expected to receive the merchandise on January 6, 2011.
•Merchandise costing $46,000, which was shipped by Garza f.o.b.
shipping point to a customer on December 29, 2010. The customer was
schedule to receive the merchandise on January 2, 2011.
•Merchandise costing $73,000 shipped by a vendor f.o.b. destination
on December 30, 2010, and received by Garza on January 4, 2011.
•Merchandise costing $51,000 shipped by a vendor f.o.b. shipping
point on December 31, 2010, and received by Garza on January 5, 2011.
Based on the above information, calculate the amount that should
appear on Garza’s balance sheet at December 31, 2010, for inventory.
