Question 1 The following independent situations relate to inventory accounting Answer the following questions about inventories. Blossom Co. purchased goods with a list price of $173,700, subject to trade discounts of 20% and 10%, with no cash discounts allowable. How much should Blossom Co. record as the cost of these goods? Cost of goods purchased LINK TO TEXT LINK TO TEXT Blue Company's inventory of $1,032,300 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 $70,690 to Blue Company were received on January 4, 2018. (b) The physical count included $29,570 of goods billed to Sakic Corp. f..b. shipping point on December 31, 2017. The carrier picked up these goods on January 3, 2018 What amount should Blue report as inventory on its balance sheet? Inventory to be reported