Sunland Company took a physical inventory on December 31 and determined that goods costing $658,000 were on hand. Not included in the physical count were $8,000 of goods purchased from Blossom Corporation, f.o.b. shipping point, and $22,000 of goods sold to Ro-Ro Company for $29,000, f.o.b. destination. Both the Blossom purchase and the Ro-Ro sale were in transit at year-end. What amount should Sunland report as its December 31 inventory? O a. 658,000 O b. 689,000 O c. 687,000 O d. 688,000

Sunland Company took a physical inventory on December 31 and determined that goods costing $658,000 were on hand. Not included in the physical count were $8,000 of goods purchased from Blossom Corporation, f.o.b. shipping point, and $22,000 of goods sold to Ro-Ro Company for $29,000, f.o.b. destination. Both the Blossom purchase and the Ro-Ro sale were in transit at year-end. What amount should Sunland report as its December 31 inventory? O a. 658,000 O b. 689,000 O c. 687,000 O d. 688,000

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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