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(TCO G) In your audit of Garza Company, you find that a physicalinventory on December 31, 2010, showed merchandise with a cost$441,000 was on hand at that date. You also discover the followingitems were all excluded from the inventory count. •Merchandise of$61,000, which is held by Garza on consignment. The consignee isthe Bontemps Company. •Merchandise costing $33,000, which wasshipped by Garza f.o.b. destination to a customer on December 31,2010. The customer was expected to receive the merchandise onJanuary 6, 2011. •Merchandise costing $46,000, which was shipped byGarza f.o.b. shipping point to a customer on December 29, 2010. Thecustomer was schedule to receive the merchandise on January 2,2011. •Merchandise costing $73,000 shipped by a vendor f.o.b.destination on December 30, 2010, and received by Garza on January4, 2011. •Merchandise costing $51,000 shipped by a vendor f.o.b.shipping point on December 31, 2010, and received by Garza onJanuary 5, 2011. Based on the above information, calculate theamount that should appear on Garza’s balance sheet at December 31,2010, for inventory

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Jamar Ferry
Jamar FerryLv2
28 Sep 2019
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