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Bell Inc. took a physical inventory at the end of the year and determined that $650,000 of goods were on hand. In addition, Bell, Inc. determined that $50,000 of goods that were in transit that were shipped f.o.b. destination were actually received two days after the inventory count and that the company had $75,000 of goods out on consignment. What amount should Bell report as inventory at the end of the year?

a) $775,000.

b) $725,000.

c) $650,000.

d) $700,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
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