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The following independent situations relate to inventory accounting: ( a ) Pronghorn Company's inventory of $ 1 . 1 million at December 3 1 ,
The following independent situations relate to inventory accounting:
a
Pronghorn Company's inventory of $ million at December was based on a physical count of goods priced at cost and before any yearend adjustments relating to the following items:
a Goods shipped fob shipping point on December from a vendor at an invoice cost of $ to Pronghorn, received on January
b Goods worth $ and included in the physical count, billed to Makee Corp., fob shipping point, on December The carrier picked up these goods on January
c Goods shipped fob destination received by Pronghorn on January The invoiced amount was $
d Goods shipped fob destination and received by Pronghorn on December that are on consignment. The value of the goods is $ and they have not been included in the physical inventory count.
What should Pronghorn report as its inventory amount on its SFP
Inventory $
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