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Sheridan Company took a physical inventory on December 31 and determined that goods costing $220,000 were...

Sheridan Company took a physical inventory on December 31 and determined that goods costing $220,000 were on hand. Not included in the physical count were $22,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $19,500 of goods sold to Alvarez Company for $27,500 FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Sheridan report as its December 31 inventory?

Sheridan ending Inventory $

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$ 261500 answer Sheridan ending inventory EXPLANATION sheridan corporation physical inventory cost on december 31 add: goods

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