Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count as $25,000 of godspurchased from Pelzer Corporation, f.o.b. shipping point and $22,000 of goods sold to Alvarez Company for $30,000 f.o.b. destination. Both the Pelzer purchase and the Alvarezsale were reported in transit at year end.What amount should Stallman report as its December 31, intentory?O $220,000O $200,000

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Business

Accounting

What amount should Stallman report as its December 31, intentory?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 14EB: If Barcelona Companys ending inventory was actually $122,000, but the cost of consigned goods, with...

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Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
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If Barcelona Companys ending inventory was actually $122,000, but the cost of consigned goods, with a cost value of $20,000 were accidentally included with the company assets, when making the year-end inventory adjustment, what would be the impact on the presentation of the balance sheet and income statement for the year that the error occurred, if any?
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