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What amount should godchaux report as inventory

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Reference no: EM132760924

Godchaux Inc. took a physical inventory at December 31, 2019 and determined that 395,000 euros of goods were on hand. In addition, the following items were not included in the physical count:

(1) 60,000 euros of goods purchased were in transit, shipped f.o.b. destination (goods were received by Godchaux three days on January 3, 2020) and

(2) the company shipped f.o.b destination 25,000 euros wort of inventory on December 29.

Problem 1: The goods arrived at the buyer's place of business on January 2, 2020. What amount should Godchaux report as inventory at the end of 2019?

a. 480,000 euros

b. 420,000 euros

c. 395,000 euros

d. 455,000 euros

Reference no: EM132760924

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