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Whispering Winds Ltd. took a physical inventory count on December 31 and determined that goods costing $ 2,200 were on hand. This amount included $
Whispering Winds Ltd. took a physical inventory count on December 31 and determined that goods costing $2,200 were on hand. This amount included $720 of goods held on consignment for Woods Corporation. Not included in the physical count were $840 of goods purchased from Timmons Corporation, f.o.b. shipping point, and $190 of goods sold to Myers Ltd. for $350, f.o.b. destination. Both the Timmons purchase and the Myers sale were in transit at year end.
What amount should Whispering Winds report as its December 31 inventory?
What amount should Whispering Winds report as its December 31 inventory?
December 31 inventory $enter a dollar amount of inventory on December 31 |
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