On December 31 of the current year, Plunkett Company reported an ending inventory balance of $215,000. The following additional information is also available:
• ^Plunkett^sold^and^shipped^goods^costing^$38,000^to^Savannah^Enterprises^on^December²⁸^withshipping terms of FOB shipping point. The goods were not included in the ending inventory amount of $215,000.
• ^Plunkett^purchased^goods^costing^$44,000^on^December^29.^The^goods^were^shipped^FOBdestination and were received by Plunkett on January 2 of the following year. The shipment was a rush order that was supposed to arrive by December 31. These goods were included in the ending inventory balance of $215,000.
• ^Plunkett's^ending^inventory^balance^of^$215,000^included^$15,000^of^goods^being^held^onconsignment from Carole Company. (Plunkett Company is the consignee.)
• ^Plunkett's^ending^inventory^balance^of^$215,000^did^not^include^goods^costing^$95,000^that^wereshipped to Plunkett on December 27 with shipping terms of FOB destination and were still in transit at year-end.
Based on the above information, the amount that Plunkett should report in ending inventory on December 31 is:

Question

Quizplus · Accepted Answer

The Answer of On December 31 of the current year, Plunkett Company reported an ending inventory balance of $215,000. The following additional information is also available: • ^Plunkett^sold^and^shipped^goods^costing^$38,000^to^Savannah^Enterprises^on^December²⁸^withshipping terms of FOB shipping point. The goods were not included in the ending inventory amount of $215,000. • ^Plunkett^purchased^goods^costing^$44,000^on^December^29.^The^goods^were^shipped^FOBdestination and were received by Plunkett on January 2 of the following year. The shipment was a rush order that was supposed to arrive by December 31. These goods were included in the ending inventory balance of $215,000. • ^Plunkett's^ending^inventory^balance^of^$215,000^included^$15,000^of^goods^being^held^onconsignment from Carole Company. (Plunkett Company is the consignee.) • ^Plunkett's^ending^inventory^balance^of^$215,000^did^not^include^goods^costing^$95,000^that^wereshipped to Plunkett on December 27 with shipping terms of FOB destination and were still in transit at year-end. Based on the above information, the amount that Plunkett should report in ending inventory on December 31 is:

On December 31 of the Current Year, Plunkett Company Reported