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Bell Inc. took a physical inventory at the end of the year and determined that $840,000 of goods were on hand. In addition, Bell, Inc. determined that $60,000 of goods that were in transit and were shipped f.o.b. shipping point were actually received two days after the inventory count and that the company had $95,000 of goods out on consignment. What amount should Bell report as inventory at the end of the year?

Bell Inc. took a physical inventory at the end of the year and determined that $840,000 of goods were on hand. In addition, Bell, Inc. determined that $60,000 of goods that were in transit and were shipped f.o.b. shipping point were actually received two days after the inventory count and that the company had $95,000 of goods out on consignment. What amount should Bell report as inventory at the end of the year?

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...
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Bell Inc. took a physical inventory at the end of the year and determined that $840,000 of goods were on hand. In addition, Bell, Inc. determined that $60,000 of goods that were in transit and were shipped f.o.b. shipping point were actually received two days after the inventory count and that the company had $95,000 of goods out on consignment. What amount should Bell report as inventory at the end of the year?

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