Blue Spruce Ltd. took a physical inventory count on December 31 and determined that goods costing $3,900 were on hand. T
Posted: Tue Nov 16, 2021 9:30 am
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?