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The Redson Company uses the periodic inventory system. Inventory balance on December 31, 2019, was...

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Accounting

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The Redson Company uses the periodic inventory system. Inventory balance on December 31, 2019, was $100.000 (based on a 12/31/19 physical count of the goods present in the warehouse). You also know about the following quantities, which are not included in the $100,000 balance at the moment: Goods shipped from Redson to a customer f.o.b. destination on December 27, 2019, were received by the customer on January 3, 2020. The sales price was $30,000 and the merchandise cost $20,000. Goods shipped to Redson f.o.b. shipping point on December 28,2019, were received on January 5, 2020. The invoice cost was $56,000. Redson expects to be able to sell those goods for $80,000 During the year, Redson consigned goods for $10,000 to FastConsingment Inc., a local consignment company that has been tasked to find a customer for those goods. On 12/31, Fast Consignment reports that 30% of the goods have not been sold yet. Based on all the information above, what is the correct inventory value to report on Redson's Balance Sheet for the year ended 12/31/19

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