Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count as $25,000 of godspurchased from Pelzer Corporation, f.o.b. shipping point and $22,000 of goods sold to Alvarez Company for $30,000 f.o.b. destination. Both the Pelzer purchase and the Alvarezsale were reported in transit at year end.What amount should Stallman report as its December 31, intentory?O $220,000O $200,000

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What amount should Stallman report as its December 31, intentory?

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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Question

Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count as $25,000 of gods
purchased from Pelzer Corporation, f.o.b. shipping point and $22,000 of goods sold to Alvarez Company for $30,000 f.o.b. destination. Both the Pelzer purchase and the Alvarez
sale were reported in transit at year end.
What amount should Stallman report as its December 31, intentory?
O $220,000
O $200,000

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