consigned inventory
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Free InquiryStone Co. had the following consignment transactions during December year 1:
Inventory shipped on consignment to Omega Co. $36,000
Freight paid by Stone $1,800
Inventory received on consignment from Gamma Co. $24,000
Freight paid by Gamma $1,000
No sales of consigned goods were made through December 31, year 1. What amount of consigned inventory should be included in Stone’s December 31, year 1, balance sheet?
A.$24,000
B.$25,000
C.$36,000
D.$37,800
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