Blue Spruce Ltd. took a physical inventory count on December 31 and determined that goods costing $3,900 were on hand. T

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Blue Spruce Ltd Took A Physical Inventory Count On December 31 And Determined That Goods Costing 3 900 Were On Hand T 1 (44.4 KiB) Viewed 70 times

Blue Spruce Ltd. took a physical inventory count on December 31 and determined that goods costing $3,900 were on hand. This amount included $910 of goods held on consignment for Woods Corporation. Not included in the physical count were $630 of goods purchased from Timmons Corporation, f.o.b. shipping point, and $220 of goods sold to Myers Ltd. for $320, f.o.b. destination. Both the Timmons purchase and the Myers sale were in transit at year end. What amount should Blue Spruce report as its December 31 inventory?