n your audit of Garza Co., you find a physical iventory on December 31, 2012 sho

Question

n your audit of Garza Co., you find a physical iventory on December 31, 2012 showed merchandise cost of $441,000 on hand at that date. You also discover the following tems were excluded from the $441,000 1. Merchandise of $61,000 which was shipped by Garza on consignment. The onsignor is the Botemps Co 2. Merchandise costing $33,,000 was shipped by Garz f.o.b. destination to a cstomer on December 31, 2012 . The customer EXPECTED to recieve it J anaury 6, 2013. 3. Merchandise costing $46,000 which was shipped by Garza f.o.b. shipping point to a customer on December 29, 2012. Cusromer was SCHEDULED to receive merchandise on January 2, 2013 4. Merchandise costing $73,000 shipped by a VENDOR f.o.b destination on December 30,2012, and Garza received it on January 4, 2013 5. Merchandise casting $51,000 shipped by a vendor f.o.b. shipping point on December 31, 2012, and received by Garza on January 5, 2013 Based on the above information, calculate the amount that should appear on Garzas balance sheet at December 31, 2012 for Inventory

Explanation / Answer

$441000 +$61,000 this is the answer if balance sheet is prepared afterwards..
only $441000 if immediate balance sheet is prepared

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