Gotham Company reported a December 31 ending inventory balanceof $412,000. The following additional information is alsoavailable:
The ending inventory balance of $412,000 included $72,000 ofconsigned inventory for which Gotham was the consignor.
The ending inventory balance of $412,000 included $22,000 of officesupplies that were stored in the warehouse and were to be used bythe company's supervisors and managers during the coming year.
The ending inventory balance of $412,000 did not include goodscosting $48,000 that were purchased by Gotham on December 28 andshipped FOB destination on that date. Gotham did not receive thegoods until January 2 of the following year.
The ending inventory balance of $412,000 included damaged goods attheir original cost of $38,000. The net realizable value of thedamaged goods was $10,000.
The ending inventory balance of $412,000 included $43,000 ofconsigned inventory for which Gotham was the consignee. Based on this information, the correct balance for ending inventory onDecember 31 is:
Answer
1. $247,000
2. $341,000
3. $362,000
4. $319,000