LILIMU ning inventory amount. (LO 1) BE6-2 Stallman Company took a physical inventory on December...
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LILIMU ning inventory amount. (LO 1) BE6-2 Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $22,000 of goods sold to Alvarez Company for $30,000, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year end. What amount should Stallman report as its December 31 inventory? See BE6-2 on page 294 and answer items discussed whether it should be included or excluded from the Stallman Company's inventory. a) $25,000 of goods purchased & in transit from Pelzer Corp, FOB Shipping Point. [Choose b) $22,000 of goods sold & in transit to Alvarez Co. for $30,000, FOB Destination. [Choose] c) For the Alvarez sale what dollar amount should be included/excluded from inventory? [Choose] d) What is the updated inventory value? [Choose)
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