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Martinez Ltd. took a physical inventory count on December 31 and determined that goods costing $2,400 were on hand. This amount included $990 of goods
Martinez Ltd. took a physical inventory count on December 31 and determined that goods costing $2,400 were on hand. This amount included $990 of goods held on consignment for Woods Corporation. Not included in the physical count were $690 of goods purchased from Timmons Corporation, f.o.b. shipping point, and $200 of goods sold to Myers Ltd. for $490, f.o.b. destination. Both the Timmons purchase and the Myers sale were in transit at year end. What amount should Martinez report as its December 31 inventory?
December 31 inventory $ |
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