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Determine the correct inventory balance at january

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Sherman, Inc. counted its ending inventory as $178,000 at year-end, January 31, 2017. Upon review of the records, it was noted that the following items were in transit during the count:

A) $2,000 of goods shipped by a supplier to Sherman sent FOB destination point on January 31 were received February 5, and were not counted by Sherman.

B) $5,000 of goods shipped by a supplier to Sherman sent FOB shipping point on January 30 were received February 2, and were not counted by Sherman.

C) $6,000 of goods shipped by Sherman to a customer sent FOB shipping point on January 31 were received February 3, and were counted by Sherman.

Problem 1: Determine the correct inventory balance at January 31.

a. $178,000
b. $174,000
c. $172,000
d. $177,000

Reference no: EM132993613

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