Concord Inc. took a physical inventory at the end of the year and determined that $832000 of goods were on hand. In addition, the following items were not included in the physical count. Concord, Inc. determined that $97000 of goods purchased were in transit that were shipped f.o.b. destination (goods were actually received by the company three days after the inventory count). The company sold $39500 worth of inventory f.o.b. destination that did not reach the destination yet. What amount should Concord report as inventory at the end of the year?
Concord Inc. took a physical inventory at the end of the year and determined that $832000 of goods were on hand. In addition, the following items were not included in the physical count. Concord, Inc. determined that $97000 of goods purchased were in transit that were shipped f.o.b. destination (goods were actually received by the company three days after the inventory count). The company sold $39500 worth of inventory f.o.b. destination that did not reach the destination yet. What amount should Concord report as inventory at the end of the year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concord Inc. took a physical inventory at the end of the year and determined that $832000 of goods were on hand. In addition, the following items were not included in the physical count. Concord, Inc. determined that $97000 of goods purchased were in transit that were shipped f.o.b. destination (goods were actually received by the company three days after the inventory count). The company sold $39500 worth of inventory f.o.b. destination that did not reach the destination yet. What amount should Concord report as inventory at the end of the year?
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