Stallman company took a physical inventory on december 31, Ask an Expert

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Stallman Company took a physical inventory on December 31 and determined that goods costing $275,260 were on hand. Not included in the physical count were $31,540 of goods purchased from Pelzer Corporation, f.o.b. shipping point, and $28,940 of goods sold to Alvarez Company for $39,800, f.o.b. destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Stallman report as its December 31 inventory?

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Category:- Accounting Basics
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