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Flounder Companys inventory of $1,113,100 at December 31, 2017, was based on a physical count of goods priced at cost and before any year-end adjustments
Flounder Companys inventory of $1,113,100 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 from a vendor f.o.b. shipping point on December 24, 2017, at an invoice cost of $67,020 to Flounder Company were received on January 4, 2018. | |
(b) | The physical count included $31,700 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2017. The carrier picked up these goods on January 3, 2018. |
What amount should Flounder report as inventory on its balance sheet?
Inventory to be reported |
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