Current Attempt in Progress Bonita Company took a physical inventory on December 31 and determined that goods costing $210,000 were on hand. Not included in the physical count were $21,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $17.500 of goods sold to Alvarez Company for $25,500, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Bonita report as its December 31 inventory? Bonita ending Inventory $

Current Attempt in Progress Bonita Company took a physical inventory on December 31 and determined that goods costing $210,000 were on hand. Not included in the physical count were $21,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $17.500 of goods sold to Alvarez Company for $25,500, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Bonita report as its December 31 inventory? Bonita ending Inventory $

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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