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Blue Spruce Corp. took a physical inventory on December 31 and determined that goods costing $165,000 were on hand. Not inclu in the physical count were $23,800 of goods purchased from Pelzer Corporation, FOB shipping point, and $21,000 of goods sold to Alvarez Company for $31,800, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Blue Spruce report as its December 31 inventory? Inventory, December 31 $

Blue Spruce Corp. took a physical inventory on December 31 and determined that goods costing $165,000 were on hand. Not inclu in the physical count were $23,800 of goods purchased from Pelzer Corporation, FOB shipping point, and $21,000 of goods sold to Alvarez Company for $31,800, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Blue Spruce report as its December 31 inventory? Inventory, December 31 $

FINANCIAL ACCOUNTING
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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Blue Spruce Corp. took a physical inventory on December 31 and determined that goods costing $165,000 were on hand. Not included in the physical count were $23,800 of goods purchased from Pelzer Corporation, FOB shipping point, and $21,000 of goods sold to Alvarez Company for $31,800, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Blue Spruce report as its December 31 inventory? Inventory, December 31 $
Transcribed Image Text:Blue Spruce Corp. took a physical inventory on December 31 and determined that goods costing $165,000 were on hand. Not included in the physical count were $23,800 of goods purchased from Pelzer Corporation, FOB shipping point, and $21,000 of goods sold to Alvarez Company for $31,800, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Blue Spruce report as its December 31 inventory? Inventory, December 31 $
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