The Kwik Company's inventory balance on December was $based on a physical
count before considering the following transactions:
Goods shipped to Kwik fob destination on December were received on January The
invoice cost was $
Goods shipped to Kwik fob shipping point on December were received on January The
invoice cost was $
Goods shipped from Kwik to a customer fob destination on December were received by the
customer on January The sales price was $ and the inventory cost $
Goods shipped from Kwik to a customer fob destination on December were received by the
customer on December The sales price was $ and the inventory cost $
Goods shipped from Kwik to a customer fob shipping point on December were received by the
customer on January The sales price was $ and the inventory cost $
Required:
Determine the correct inventory amount to be reported in Kwik's balance sheet.
