Concord Company took a physical inventory on December 31 and determined that goods costing $189,300 were on hand. Not included in the physical count were $25,350 of goods purchased from Pelzer Corporation, f. o.b. shipping point, and $22,470 of goods sold to Alvarez Company for $27,670, f. o.b. destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Concord report as its December 31 inventory

Frost corporation incurred the following transactions during its first year of operations. (assume all transactions involve cash.) 1) acquired $1,900 of capital from the owners. 2) purchased $435 of direct raw materials. 3) used $290 of these direct raw materials in the production process. 4) paid production workers $490 cash. 5) paid $290 for manufacturing overhead (applied and actual overhead are the same). 6) started and completed 250 units of inventory. 7) sold 140 units at a price of $6 each. 8) paid $130 for selling and administrative expenses. the amount of raw material inventory on the balance sheet at the end of the accounting period would be: