Stansbury Company determined its December 31, 2014 inventory to be $1,000,000 based on a physical count priced

Question:

Stansbury Company determined its December 31, 2014 inventory to be $1,000,000 based on a physical count priced at cost. It then determined the following additional information: Merchandise costing $90,000 was shipped FOB shipping point from a vendor on December 30, 2014. This merchandise was received and recorded on January 5, 2015. Goods costing $120,000 were staged on the shipping dock and excluded from inventory although shipment was not made until January 4, 2015. The goods were billed to the customer FOB shipping point on December 30, 2014. What is Stansbury's for its December 31, 2014 balance sheet?
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...