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  1. business
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  3. the tucson corporation's fiscal year ends on decem

The Tucson Corporation's fiscal year ends on December 31. Tucson checks its perpetual inventory balance...

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Accounting

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The Tucson Corporation's fiscal year ends on December 31. Tucson checks its perpetual inventory balance at year-end by comparing it with inventory based on a physical count. The company's controller has identified the following potential issues with a preliminary balance of $455,000 in Inventory determined by physical count and analysis 1. $32.000 in goods purchased from a vendor shipped to shipping point on December 24 that arrived on January 4 were not included in the preliminary balance 2. Freight charges of $400 Tuscan paid for the shipment in (1.) above also were not included. 3. $47,000 in goods shipped to b. shipping point on December 27that arrived at the customer's location on January 4 were included in the preliminary balance 4. $22,000 of merchandise Tucson held on consignment for Masterwear, Inc. was not included in the preliminary balance Required: Calculate the correct balance of Tucson's inventory at year-endShow computations for partial credit

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