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A business just completed its year-end physical inventory count. According to the count, there was...

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Accounting

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A business just completed its year-end physical inventory count. According to the count, there was $45,600 of merchandise on hand. Last week, the business purchased merchandise from two suppliers, $6,500 on terms of FOB Destination and $9.500 on FOB Shipping Point. Both shipments were in transit at year end with next week delivery dates. Included in our physical count was $4,100 of goods held on consignment for another business. How much inventory should be reported on the year-end balance sheet? $55,100 $51,000 $57,500 $61,600

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