Kevin Farley, an auditor with Koews CPAs, is performing a review of Knight Company’s Inventory account. Knight did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $754,330. However, the following information was not considered when determining that amount.
Prepare a schedule to determine the correct inventory amount.
Question: What is the ending-inventory as reported?