(L.O. 1) At December 31, 2014, a physical count of merchandise inventory belonging to Klintworth Corp. showed $500,000 to be on hand. The $500,000 was calculated before any potential necessary adjustments related to the following:
The correct amount to report for inventory on Klintworth's balance sheet at December 31, 2014 is:
(L.O. 3) Which inventory ...