Tiger Trap Corporation is preparing its Balance Sheet at year-end. After counting its Inventory on December 31st, the company finds that Inventory costing \$150,000 is stored in the warehouse. However, the amount reported on the Balance Sheet may need to be adjusted for various items listed below:
- Inventory purchased for \$9,000 was in transit from a vendor. The goods were shipped “FOB Destination” on December 28th, but had not been received by Tiger on December 31st.
- Inventory with a cost of \$5,000 was on consignment to Red Brick Company and was being offered for sale at its retail location.
- Inventory costing \$10,000 had been shipped to a customer “FOB Destination” on December 30th, but the shipment had not yet been received by them on December 31st.
- Inventory with a cost of \$3,800 was shipped to a customer “FOB Shipping” on December 29th but the shipment had not yet been received by them on December 31st.
After taking into consideration the items above, at what amount should Inventory be reported on the year-end Balance Sheet for Tiger Trap Corporation?