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QUESTION 2 Revolution Hardware completed a physical count of...

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QUESTION 2 Revolution Hardware completed a physical count of inventory on December 31, Y1 in its warehouse and determined the amount of ending inventory to be $50,000. Additional information is as follows Included in the Y1 physical count were machines billed to a customer FOB shipping point on December 31. These machines had a cost of $16,000 and had been billed at $18,000. The shipment was on Revolution's loading dock waiting to be picked up by the common carrier at the close of the business day Inventory was in transit from a vendor to Revolution. The invoice cost was $30,000 and the goods were shipped FOB Shipping point on December 29, Y1 Work-in-process inventory with a cost of $15,000 was sent to an outside processor for finishing on December 30, Y Inventory not physically in the warehouse because they are being sold elsewhere on consignment amounted to $7.800 (sales price). Markup ls 20% on cost. Determine the correct balance of ending inventory for Revolution Hardware as of December 31, Y1

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