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Crane Looms Inc. took a physical inventory at the end of the year and determined that $913000 of goods were on hand between its warehouse
Crane Looms Inc. took a physical inventory at the end of the year and determined that $913000 of goods were on hand between its warehouse and store locations. In addition, the following items were not considered when counting final inventory: $42500 of goods purchased were in transit. The goods were shipped f.o.b. shipping point and were received by the company three days after the inventory count. - $55500 worth of goods that were sold with an explicit repurchase agreement on the inventory. What amount should Crane report as inventory at the end of the year? $815000$955500$913000$1011000
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