Wildhorse Co. took a physical inventory on December 31 and determined that goods costing $198,500 were...
Wildhorse Co. took a physical inventory on December 31 and determined that goods costing $198,500 were on hand. Not included in the physical count were $25,000 of goods purchased from Waterway Industries, FOB, shipping point, and $26,000 of goods sold to Oriole Company for $30,000, FOB destination. Both the Waterway purchase and the Oriole sale were in transit at year-end.
What amount should Wildhorse report as its December 31 inventory?
Ending Inventory = _______
Homework Answers
Physical inventory on December 31 = $198,500
Inventory purchased, FOB shipping point = $25,000
Cost of inventory sold , FOB destination = $26,000
Ending inventory = Physical inventory on December 31 + Inventory purchased, FOB shipping point + Cost of inventory sold , FOB destination
= 198,500+25,000+26,000
= $249,500
In case of FOB shipping point, title of the goods passes to buyer when goods are in transit. Thus, inventory of $25,000 purchased from water way industries will be included in the ending inventory although not received. In case of FOB destination, title of the goods passes to buyer only when goods reach to the buyer. Hence, goods costing $26,000 sold to Oriole company will be included in inventory, since are in transit.
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