Business, 01.03.2021 21:10 jdkrisdaimcc11

Splish Brothers Inc. took a physical inventory on December 31 and determined that goods costing $226,000 were on hand. Not included in the physical count were $31,000 of goods purchased from Novak Corp., FOB, shipping point, and $26,500 of goods sold to Crane Company for $33,000, FOB destination. Both the Novak purchase and the Crane sale were in transit at year-end. What amount should Splish Brothers report as its December 31 inventory

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Splish Brothers Inc. took a physical inventory on December 31 and determined that goods costing $226...