[Financial_Aid_24]

Gotham Company reported a December 31 ending inventory balance of $412,000. The following additional information is also available:
The ending inventory balance of $412,000 included $72,000 of consigned inventory for which Gotham was the consignor.
The ending inventory balance of $412,000 included $22,000 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year.
The ending inventory balance of $412,000 did not include goods costing $48,000 that were purchased by Gotham on December 28 and shipped FOB destination on that date. Gotham did not receive the goods until January 2 of the following year.
The ending inventory balance of $412,000 included damaged goods at their original cost of $38,000. The net realizable value of the damaged goods was $10,000.
The ending inventory balance of $412,000 included $43,000 of consigned inventory for which Gotham was the consignee. Based on this information, the correct balance for ending inventory on December 31 is:
Answer

$247,000
$341,000
$362,000
$319,000

[Financial_Aid_24]

Would the correct answer be $319,000?

Ending Inventory Balance $412,000
Less Office Supplies (22,000)
Less Damaged Goods (28,000)
Less Consigned Inventory (43,000)
Correct Ending Inventory Balance $319,000

[morgaine300]

Correct.