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Bell Companys inventory of $1.1 million at December 31, 2017, was based on a physical count of goods priced at cost and before any year-end
Bell Companys inventory of $1.1 million at December 31, 2017, 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 f.o.b. shipping point on December 24, 2017, from a vendor at an invoice cost of $74,000 to Bell Company, received on January 4, 2018. | |
(b) | Goods worth $39,000 and included in the physical count, billed to ABC Corp., f.o.b. shipping point, on December 31, 2017. The carrier picked up these goods on January 3, 2018. | |
(c) | Goods shipped f.o.b. destination received by Bell on January 5, 2018. The invoiced amount was $89,000. | |
(d) | Goods shipped f.o.b. destination and received by Bell on December 25, 2017, that are on consignment. The value of the goods is $71,500 and they have not been included in the physical inventory count. |
What should Bell Company report as its inventory amount on its 2017 balance sheet?
Inventory $ _________ |
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