Blossom Company took a physical inventory on December 31 and determined that goods costing $560,000 were on hand. Not included in the physical count were $8,000 of goods purchased from Sunland Corporation, f. o.b. shipping point, and $29,000 of goods sold to Ro-Ro Company for $40,000, f. o.b. destination. Both the Sunland purchase and the Ro-Ro sale were in transit at year-end. What amount should Blossom report as its December 31 inventory
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Answers: 2
Blossom Company took a physical inventory on December 31 and determined that goods costing $560,000...
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