Based on physical count of goods priced at cost

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Reference no: EM131262888

Metlock Company’s inventory of $1,113,100 at December 31, 2017, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items.

(a) Goods shipped from a vendor f.o.b. shipping point on December 24, 2017, at an invoice cost of $67,020 to Metlock Company were received on January 4, 2018.

(b) The physical count included $31,700 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2017. The carrier picked up these goods on January 3, 2018.

What amount should Metlock report as inventory on its balance sheet?

Reference no: EM131262888

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