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Question(s) / Instruction(s):

Alice 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 $33,000 of consigned inventory for which Alice was the consignor. • The ending inventory balance of $412,000 included $27,000 of office supplies that were stored in the warehouse and were to be used by the companys supervisors and managers during the coming year. • The ending inventory balance of $412,000 did not include goods costing $47,000 that were purchased by Alice on December 28 and shipped FOB destination on that date. Alice 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 $40,000. The net realizable value of the damaged goods was $7,000. • The ending inventory balance of $412,000 included $47,000 of consigned inventory for which Alice was the consignee. Based on this information, the correct balance for ending inventory on December 31 is: A. $312,000 B. $606,000 C. $305,000 D. $579,000 E. $412,000

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