Bonitas Motors had the following inventory situations to consider at its December 31 year end....
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Bonitas Motors had the following inventory situations to consider at its December 31 year end. Physical inventory count was $16,350.
1. Petes Propellers had $1,100 of goods held on consignment that were included in Bonitas physical inventory count. 2. Goods that cost $830 were sold to Walters Wings and shipped FOB destination on December 28. The goods were not expected to arrive at Walters until January 4. These goods were not included in the physical inventory count. 3. Goods purchased from a supplier, Mikes Motors, for $2,100 were not received until January 2. The goods were shipped FOB shipping point on December 29 and were not included in the physical count.
Determine the correct inventory balance.
Correct inventory amount
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