Cavalier Company took a physical inventory on December 31 and determined that goods costing $180,000 were on hand. Not included in the physical count were $18,000 of goods purchased from Orange Corporation, FOB destination, and $27,000 of goods sold to Blue Company for $40,000, FOB destination. Both the Orange purchase and the Blue sale were in transit year-end. What amount should Cavalier report as its December 31 inventory? Group of answer choices $207,000 $193,000 $247,000 $153,000

Cavalier Company took a physical inventory on December 31 and determined that goods costing $180,000 were on hand. Not included in the physical count were $18,000 of goods purchased from Orange Corporation, FOB destination, and $27,000 of goods sold to Blue Company for $40,000, FOB destination. Both the Orange purchase and the Blue sale were in transit year-end. What amount should Cavalier report as its December 31 inventory? Group of answer choices $207,000 $193,000 $247,000 $153,000

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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