At the end of 2016, Ellis had an inventory balance of $ 1,200,000 BEFORE the following items:
1. A shipment was sent out to a customer, FOB Destination: The shipment was sent on 12/31/16, and arrived at the customers on 1/5/17. It was for $ 10,000.
2. A vendor shipped $ 15,000 in goods to me, FOB Shipping point, and left the vendors dock on 12/30/16, and arrived at my destination on 1/3/17.
3. A vendor shipped $ 5,000 in goods to me, FOB Destination, and left vendors dock on 12/31/16, and arrived at my dock on 1/5/17.
4. A shipment was sent out to a customer, FOB Shipping point on 12/31/16 for $ 7,000 and arrived at the customers dock on 1/2/17.
5. A customer wanted me to sell some of their inventory at my place of business. The inventory was to be sold on consignment. It arrived at my dock on 12/31/16 for $ 4,000.00 FOB Destination.
6. I sent out inventory to be sold on consignment. The amount of inventory I sent was for $10,000, FOB Shipping point.
All right, much more detailed then I laid out in the first post.
Several things you have to work on:
1. In your response, tell me.. Whose inventory is it, and WHY.
2. Same facts: Give me ending inventory for 2016 YEAR
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