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At the end of the period, a physical inventory count of ALL goods in the...

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Accounting

At the end of the period, a physical inventory count of ALL goods in the warehouse showed that Mendon Company had $65,000 of goods on hand. Mendon had $24,000 of goods out on consignment with a customer (Mendon is the consignor) and $17,000 of goods in its warehouse on consignment from a vendor (Mendon is the consignee). Mendon had a purchase order (Mendon is the buyer) for $8,000 of inventory (FOB destination) that was still in transit. Finally, Mendon had sold $6,500 of inventory (FOB destination) that was also still in transit. What is the correct amount of ending inventory that Mendon should record on its books?
$78,500
$73,500
$65,000
$95,500

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