Wildhorse Company's inventory of $1,188,700 at December 31, 2025, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items. (a) (b) Goods shipped from a vendor f.o.b. shipping point on December 24, 2025, at an invoice cost of $64,330 to Wildhorse Company were received on January 4, 2026. The physical count included $31,420 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2025. The carrier picked up these goods on January 3, 2026. What amount should Wildhorse report as inventory on its balance sheet?

Wildhorse Company's inventory of $1,188,700 at December 31, 2025, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items. (a) (b) Goods shipped from a vendor f.o.b. shipping point on December 24, 2025, at an invoice cost of $64,330 to Wildhorse Company were received on January 4, 2026. The physical count included $31,420 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2025. The carrier picked up these goods on January 3, 2026. What amount should Wildhorse report as inventory on its balance sheet?

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

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...

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