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Compute the correct amount of inventory at December

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Question - Dallas Tools Inc. counted its inventory on December 31 and arrived at a total inventory amount of $54,500. This count did not include the following:

Goods purchased in transit, shipping FOB shipping point, $3,500

Goods sold in transit, shipped FOB destination, $1,000

Goods at a customer's location on approval, $300

Required - Compute the correct amount of inventory at December 31?

Reference no: EM132478882

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