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Business, 23.03.2020 22:35 IsabellaGracie
Sheffield Corp. took a physical inventory on December 31 and determined that goods costing $165,000 were on hand. Not included in the physical count were $20,400 of goods purchased from Pelzer Corporation, FOB shipping point, and $21,400 of goods sold to Alvarez Company for $28,000, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Sheffield report as its December 31 inventory?
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Sheffield Corp. took a physical inventory on December 31 and determined that goods costing $165,000...
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