Concord Company took a physical inventory on December 31 and determined that goods costing $Unresolved were on hand. Not included in the physical count were $22,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $19,500 of goods sold to Alvarez Company for $27,500, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Concord report as its December 31 inventory? Concord ending Inventory $
Concord Company took a physical inventory on December 31 and determined that goods costing $Unresolved were on hand. Not included in the physical count were $22,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $19,500 of goods sold to Alvarez Company for $27,500, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Concord report as its December 31 inventory? Concord ending Inventory $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concord Company took a physical inventory on December 31 and determined that goods costing $Unresolved were on hand. Not included in the physical count were $22,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $19,500 of goods sold to Alvarez Company for $27,500, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Concord report as its December 31 inventory?
| Concord ending Inventory | $ |
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