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Sheridan Company took a physical inventory on December 31 and determined that goods costing $222,000 were on hand. Not included in the physical count were $35,000 of goods purchased from Windsor, Inc., FOB, shipping point, and $21,000 of goods sold to Bonita Industries for $32,000, FOB destination. Both the Windsor purchase and the Bonita sale were in transit at year-end. What amount should Sheridan report as its December 31 inventory? Ending Inventory

Sheridan Company took a physical inventory on December 31 and determined that goods costing $222,000 were on hand. Not included in the physical count were $35,000 of goods purchased from Windsor, Inc., FOB, shipping point, and $21,000 of goods sold to Bonita Industries for $32,000, FOB destination. Both the Windsor purchase and the Bonita sale were in transit at year-end. What amount should Sheridan 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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Sheridan Company took a physical inventory on December 31 and determined that goods costing $222,000 were on hand. Not included in the physical count were $35,000 of goods purchased from Windsor, Inc., FOB, shipping point, and $21,000 of goods sold to Bonita Industries for $32,000, FOB destination. Both the Windsor purchase and the Bonita sale were in transit at year-end. What amount should Sheridan report as its December 31 inventory? Ending Inventory
Transcribed Image Text:Sheridan Company took a physical inventory on December 31 and determined that goods costing $222,000 were on hand. Not included in the physical count were $35,000 of goods purchased from Windsor, Inc., FOB, shipping point, and $21,000 of goods sold to Bonita Industries for $32,000, FOB destination. Both the Windsor purchase and the Bonita sale were in transit at year-end. What amount should Sheridan report as its December 31 inventory? Ending Inventory
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