Bell Inc. took a physical inventory at the end of the year and determined that $780,000 of goods were on hand. In addition, the following items were not included in the physical count/ Bell, Inc. determined that $60,000 of goods that were in transit that were shipped f.o.b. destination point were actually received two days after the inventory count and that the company had $90,000 of goods out on consignment. What amount should Bell report as inventory at the end of the year? (When writing your answer do not use commas or sign of the dollar. For example, if your answer is $1,500, write it as 1500)

Bell Inc. took a physical inventory at the end of the year and determined that $780,000 of goods were on hand. In addition, the following items were not included in the physical count/ Bell, Inc. determined that $60,000 of goods that were in transit that were shipped f.o.b. destination point were actually received two days after the inventory count and that the company had $90,000 of goods out on consignment. What amount should Bell report as inventory at the end of the year? (When writing your answer do not use commas or sign of the dollar. For example, if your answer is $1,500, write it as 1500)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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