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Bachmann Companys inventory of $1,010,500 on December 31, 2020, was based on a physical count of goods priced at cost and before any year-end adjustments
Bachmann Companys inventory of $1,010,500 on December 31, 2020, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items.
(a) | Goods shipped from a vendor f.o.b. shipping point on December 24, 2020, at an invoice cost of $68,840 to Bachmann Company were received on January 4, 2021. | |
(b) | The physical count included $30,580 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2020. The carrier picked up these goods on January 3, 2021. |
What amount should Bachmann report as inventory on its balance sheet?
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