danny steele owns a small specialty store named steele s storer 357469

Danny Steele owns a small specialty store, named Steele’s Storeroom, whose year end is June 30. Determine the total amount that should be included in Steele’s Storeroom’s year end inventory. A physical inventory taken on June 30 reveals the following:

Cost of merchandise on the showroom floor and in the warehouse ……… $42,600

Goods held on consignment (consignor is Quality Manufacturer) ………….. 7,600

Goods that Steele’s Storeroom, as the consignor, has for sale at the location of Midtown Galleria ………………………………………………………………………. 8,300

Sales invoices indicate that merchandise was shipped on June 28, terms FOB shipping point, delivered at buyer’s receiving dock on July 6 …………………………. 4,350

Sales invoices indicate that merchandise was shipped on June 26, terms FOB destination, delivered at buyer’s receiving dock on July 1 ………………………………… 2,800