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Bonita Industries took a physical inventory on December 31 and determined that goods costing $210,000 were...

Bonita Industries took a physical inventory on December 31 and determined that goods costing $210,000 were on hand. Not included in the physical count were $24,000 of goods purchased from Metlock, Inc., FOB, shipping point, and $24,500 of goods sold to Whispering Winds Corp. for $34,000, FOB destination. Both the Metlock purchase and the Whispering Winds sale were in transit at year-end.

What amount should Bonita report as its December 31 inventory?

Ending Inventory $enter Ending Inventory in dollars

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Answer #1

Ending inventory

= 210,000 + Goods purchased FOB shipping point + Goods Sold FOB destination

= 210,000 + 24,000 + 24,500

= 258,500
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