Question
Flint Ltd. took a physical inventory count on December 31 and determined that goods costing $3,600 were on hand. This amount included $990 of goods
Flint Ltd. took a physical inventory count on December 31 and determined that goods costing $3,600 were on hand. This amount included $990 of goods held on consignment for Woods Corporation. Not included in the physical count were $720 of goods purchased from Timmons Corporation, f.o.b. shipping point, and $180 of goods sold to Myers Ltd. for $410, f.o.b. destination. Both the Timmons purchase and the Myers sale were in transit at year end.
What amount should Flint report as its December 31 inventory?
December 31 inventory $enter a dollar amount of inventory on December 31
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