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Crane 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 $20,000 of goods purchased from Nash Corporation, FOB, shipping point, and $20,000 of goods sold to Swifty Company for $30.000, FOB destination. Both the Nash purchase and the Swifty sale were in transit at year-end. What amount should Crane report as its December 31 inventory? Ending inventory

Crane 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 $20,000 of goods purchased from Nash Corporation, FOB, shipping point, and $20,000 of goods sold to Swifty Company for $30.000, FOB destination. Both the Nash purchase and the Swifty sale were in transit at year-end. What amount should Crane report as its December 31 inventory? Ending inventory

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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Crane 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 $20,000 of goods purchased from Nash Corporation, FOB, shipping point, and $20,000 of goods sold to Swifty Company for $30,000, FOB destination. Both the Nash purchase and the Swifty sale were in transit at year-end. What amount should Crane report as its December 31 inventory? Ending inventory $
Transcribed Image Text:Crane 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 $20,000 of goods purchased from Nash Corporation, FOB, shipping point, and $20,000 of goods sold to Swifty Company for $30,000, FOB destination. Both the Nash purchase and the Swifty sale were in transit at year-end. What amount should Crane report as its December 31 inventory? Ending inventory $
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