Bedrock Company reported a December 31 ending inventory balance of $416,500. The following additionalinformation is also available: The ending inventory balance of $416,500 included $72,900 of consigned inventoryfor which Bedrock was the consignor. The ending inventory balance of $416,500 incorrectly included $23,800 ofoffice supplies that were stored in the warehouse and were to be used by the company's supervisors andmanagers during the coming year. Based on this information, the correct balance for ending inventory onDecember 31 is: Multiple Choice $416,500 $343,700 $309,000 $392,700 $319,900

It is important to understand the items that should be included in inventory at the end of an…

Answered: Bedrock Company reported a December 31…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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