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Crane Company took a physical inventory on December 31 and determined that goods costing $164,000...

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Accounting

Crane Company took a physical inventory on December 31 and determined that goods costing $164,000 were on hand. Not included
in the physical count were $20,500 of goods purchased from Pelzer Corporation, FOB, shipping point, and $18,040 of goods sold to
Alvarez Company for $24,600, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end.
What amount should Crane report as its December 31 inventory?
Ending inventory
image

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