Reddall Company has a fiscal year that ends on December 31 . The inventory on...
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Reddall Company has a fiscal year that ends on December 31 . The inventory on hand at the end of the year is valued at a cost of $95,000. The following items were not included in this inventory: 1. Purchased goods in transit, under terms FOB shipping point, invoice price $4,200, freight costs $250. 2. Geods out on consignment to Mariman Company, sales price $4,200, cost of goods $3,000, shipping costs $200. 3. Goods sold to Grina Co. under terms FOB destination, involced for $1,900 (which included $178 freight eharges to deliver the goods) and have a cost of $1,230. Goods are in transit. 4. Goods beld on consignment by freddall at a sales price of $2,700 which included saies commission of 20% of sales price. 5. Purchased goods in transit, shipped FOB destination, invoice price $2,100 which included freight charges of $190. Required: Datermine the cost of the ending inventory that Rdddall should report on its December 31 balance sheet
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