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Question - Jensen Tire had two large shipments in transit at December 31. One was a $130,000 inbound shipment of merchandise (shipped December 28, F.O.B. shipping point), which arrived at Jensen's receiving dock on January 2. The other shipment was a $95,000 outbound shipment of merchandise to a customer, which was shipped and billed by Jensen on December 30 (terms F.O.B. shipping point) and reached the customer on January 3.
In taking a physical inventory on December 31, Jensen counted all goods on hand and priced the inventory on the basis of average cost. The total inventory amount was $600,000. No goods in transit were included in this figure.
What amount should appear as inventory on the company's balance sheet at December 31? Explain. If you indicate an amount other than $600,000, state which asset or liability other than inventory also would be changed in amount, assuming that all inventory purchases are made on credit.
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