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Determining Merchandise to be included or Excluded from Ending Inventory The unadjusted inventory balance of Ultim Corp. is $100,000 on December 31, 2020, based on a physical inventory count. The following items must be considered before the inventory valuation Is finalized 2. On December 31, the physical inventory excluded 5250 of merchandise inventory set aside for shipment to a customer, which has not yet shipped b. On December 31, the physical inventory excluded $1,000 of merchandise inventory out on consignment in the customers' showrooms. c On December 31, the physical inventory excluded $800 of merchandise held on consignment d 5750 of in transit merchandise was shipped fabdestination to a customer and was excluded from the physical inventory count. The merchandise was turned over to a common carrier on December 28, 2020, and is expected to arrive at the customer on January 2, 2021 e Vlon Corp. ordered merchandise on December 26, 2020. The merchandise (100) was shipped to Ultim Corp. fob shipping point, and was expected to arrive January 2, 2021. The merchandise was not included in the physical inventory count A return to a vendor of merchandise for $1,000 was in transit on December 31, 2020, and was excluded from the physical inventory count. The merchandise was shipped for shipping point on December 30, 2020 Required Considering nem a through determine the adjusted inventory balance for Ulm Corp Adjusted invertory balance on December 31, 2005

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