A company took a physical inventory at the end of the year and determined that $833,000 of goods were on hand. In addition, the following items were not included in the physical count: Management determined that $96,000 of goods purchased were in transit that were shipped f. o.b. destination (goods were actually received by the company three days after the inventory count)
The company sold $40,000 worth of inventory f. o.b. destination.
What amount should Bell report as inventory at the end of the year?

On january 2, well co. purchased 10% of rea, inc.’s outstanding common shares for $400,000, which equaled the carrying amount and the fair value of the interest purchased in rea’s net assets. well did not elect the fair value option. because well is the largest single shareholder in rea, and well’s officers are a majority on rea’s board of directors, well exercises significant influence over rea. rea reported net income of $500,000 for the year and paid dividends of $150,000. in its december 31 balance sheet, what amount should well report as investment in rea?