The Village Hat Shop Limited counted the entire inventory

in #8592
The Village Hat Shop Limited counted the entire inventory in

The Village Hat Shop Limited counted the entire inventory in its store on August 31 and arrived
at a total inventory cost of $95,000. The count included $7,500 of inventory held on
consignment for a local designer; $500 of inventory that was being held for customers who were
deciding if they actually wanted to purchase the merchandise; and $1,000 of inventory that had
been sold to customers but was being held for alterations. There were two shipments of
inventory received on September 1. The first shipment cost $4,000. It had been shipped on
August 29, terms FOB destination. The second shipment cost $4,750, plus freight charges of
$250. It had been shipped on August 28, terms FOB shipping point. Neither of these shipments
was included in the August 31 count. Calculate the correct cost of the inventory on August 31.

The Village Hat Shop Limited counted the entire inventory in

ANSWER
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