Bell Inc. took a physical inventory at the end of the year and determined that $780k of goods were on hand. In addition, Bell Inc., determined that $60k of goods that were in transit that were shipped F.O.B. shipping point were actually received two days after the inventory count and that the company had $90k of goods out on consignment. What amount should Bell report as inventory at the end of the year? a.) 780k b.) 860k c.) 870k d.) 930k

Bell Inc. took a physical inventory at the end of the year and determined that $780k of goods were on hand. In addition, Bell Inc., determined that $60k of goods that were in transit that were shipped F.O.B. shipping point were actually received two days after the inventory count and that the company had $90k of goods out on consignment. What amount should Bell report as inventory at the end of the year? a.) 780k b.) 860k c.) 870k d.) 930k

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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