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Keillor Company's inventory of $1,161,200 at December 31, 2012, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items.

(a) Goods shipped from a vendor f.o.b. shipping point on December 24, 2012, at an invoice cost of $69,530 to Keillor Company were received on January 4, 2013.

(b) The physical count included $38,230 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2012. The carrier picked up these goods on January 3, 2013.

What amount should Keillor report as inventory on its balance sheet?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M940087

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