Business, 18.06.2020 16:57 kevinsosdik

The Constance Corporation's inventory at December 31, 2021, was $133,500 (at cost) based on a physical count of inventory on hand, before any necessary adjustment for the following: • Merchandise costing $23,500, shipped f. o.b. shipping point from a vendor on December 27, 2021, was received by Constance on January 5, 2022. • Merchandise costing $53,500 was shipped to a customer f. o.b. shipping point on December 28, 2021, arrived at the customer's location on January 6, 2022. • Merchandise costing $29,500 was being held on hand for Jess Company on consignment. Estimated sales returns are 20% of annual sales. Sales revenue was $567,000 with a gross profit ratio of 30%. . What amount should Constance Corporation report as inventory in its December 31, 2021, balance sheet?
a) $206,880.
b) $183,380.
c) $242,505.

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The Constance Corporation's inventory at December 31, 2021, was $133,500 (at cost) based on a physic...

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