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Lily Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count were
Lily Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $23,000 of goods sold to Alvarez Company for $31,000, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Lily report as its December 31 inventory?
Lily ending Inventory | $enter the ending inventory amount in dollars |
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