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What amount should bluenose report as its december inventory

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Reference no: EM133088556

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?

At what value is inventory carried on the Statement of Financial Position?

Reference no: EM133088556

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