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Sunland Inc. took a physical inventory at the end of the year and determined that $770000 of goods were on hand. In addition, Sunland, Inc.
Sunland Inc. took a physical inventory at the end of the year and determined that $770000 of goods were on hand. In addition, Sunland, Inc. determined that $61000 of goods that were in transit that were shipped f.o.b. shipping point were actually received two days after the inventory count and that the company had $90000 of goods out on consignment. What amount should Sunland report as inventory at the end of the year?
a) 770000.
b) $850000.
c) $860000.
d) $921000.
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