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Financial accounting question?

Category: Financial Services


Newell Company just took its physical inventory. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $398,700. In reviewing the details of the count and related inventory transactions, you have discovered the following items that had not been considered.

Newell has sent inventory costing $34,554 on consignment to Victoria Company. All of this inventory was at Victoria's showrooms on December 31.

The company did not include in the count inventory (cost, $26,580) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31.

The company did not include in the count inventory (cost, $22,593) that was purchased with terms of FOB shipping point. The goods were in transit on December 31.

Compute the correct December 31 inventory.

i keep getting the wrong answer according to my homeworks computer program.. and i'm not sure what i'm doing wrong..

tthanks for the help


I think the $34,554 and $22,593 are included..im not sure

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