Blue Spruce Ltd took a physical inventory count on December 31 and determined that goods costing $3,900 were on hand. This amount included $910 of goods held on consignment for Woods Corporation. Not included in the physical count were $630 of goods purchased from Timmons Corporation, fo.b shipping point, and $220 of goods sold to Myers Ltd. for $320, f.o.b. destination. Both the Timmons purchase and the Myers sale were in transit at year end. What amount should Blue Spruce report as its December 31 inventory?
Blue Spruce Ltd took a physical inventory count on December 31 and determined that goods costing $3,900 were on hand. This amount included $910 of goods held on consignment for Woods Corporation. Not included in the physical count were $630 of goods purchased from Timmons Corporation, fo.b shipping point, and $220 of goods sold to Myers Ltd. for $320, f.o.b. destination. Both the Timmons purchase and the Myers sale were in transit at year end. What amount should Blue Spruce report as its December 31 inventory?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Blue Spruce Ltd took a physical inventory count on December 31 and determined that goods costing $3,900 were on hand. This amount included $910 of goods held on consignment for Woods Corporation. Not included in the physical count were $630 of goods purchased from Timmons Corporation, fo.b shipping point, and $220 of goods sold to Myers Ltd. for $320, f.o.b. destination. Both the Timmons purchase and the Myers sale were in transit at year end.
What amount should Blue Spruce report as its December 31 inventory?
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