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What amount should be reported as inventory at year-end

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Reference no: EM132964408

Problem 1: Butter Company took a physical inventory at the end of the year and determined that $190,000 of goods were on hand. In addition, the entity determined that $24,000 of goods purchased were in transit shipped FOB destination. The goods were actually received three days after the inventory count. The entity sold $10,000 worth of inventory FOB destination. Such inventory is in transit at year-end. What amount should be reported as inventory at year-end?

Option 1: $200,000

Option 2: $214,000

Option 3: $224,000

Option 4: $190,000

Reference no: EM132964408

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