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Question - Bluenose Ltd. took a physical inventory on December 31 and determined that goods costing $ 700,000 were on hand. Not included in the physical count were $ 136,000 of goods purchased from Maritime, f. o. b. shipping point; and $ 126,000 of goods sold to Kelly Ltd. for $130,000, f. o. b. shopping. Both the Bluenose purchase and the Kelly sale were in transit at year end.
In addition, not included in Bluenose's inventory is an amount of $80,000 for inventory that had been sold with an agreement to repurchase in the new year and $80,000 of freight costs on goods purchased.
What amount should Bluenose report as its December 31 inventory?
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