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saul85 [17]
3 years ago
12

Swifty Corporation took a physical inventory on December 31 and determined that goods costing $215,000 were on hand. Not include

d in the physical count were $27,000 of goods purchased from Marigold Corp., FOB, shipping point, and $20,000 of goods sold to Concord Corporation for $34,000, FOB destination. Both the Marigold purchase and the Concord sale were in transit at year-end.
Required:
What amount should Swifty report as its December 31 inventory?
Business
1 answer:
balu736 [363]3 years ago
7 0

Answer:

$262,000

Explanation:

Ending inventory = Goods on Hand + Cost Goods purchased from Marigold Corp + Cost of goods sold to Marigold Corp.

Ending inventory = $215,000 + $27,000 + $20,000

Ending inventory = $262,000

So, the amount that should Swifty report as its December 31 inventory is $262,000.

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