Crane Inc. took a physical inventory at the end of the year and determined that $787k of goods were on hand. In addition, Crane Inc. determined that $60,500 of goods that were in transit that were shipped F.0.B. shipping point were actually received two days after the inventory count and that the company had $85,500 of goods out on consignment. What amount should Crane report as inventory at the end of the year? $872,500. $862,500. $787k. $933k.

Crane Inc. took a physical inventory at the end of the year and determined that $787k of goods were on hand. In addition, Crane Inc. determined that $60,500 of goods that were in transit that were shipped F.0.B. shipping point were actually received two days after the inventory count and that the company had $85,500 of goods out on consignment. What amount should Crane report as inventory at the end of the year? $872,500. $862,500. $787k. $933k.

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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