End of the year physical inventory determined that $760,000 of goods were on hand. The following items were not in physical count: $96,000 of the goods were in transit shipped FOB destination (received 3 days after inventory count). The company then sold $40,000 worth of inventory FOB destination. What is the inventory at the end of the year?

End of the year physical inventory determined that $760,000 of goods were on hand. The following items were not in physical count: $96,000 of the goods were in transit shipped FOB destination (received 3 days after inventory count). The company then sold $40,000 worth of inventory FOB destination. What is the inventory at the end of the year?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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