What amount should gordon report as inventory on its june

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Reference no: EM13143792

gordon company's inventory at june 2011 was $75000 based on a physical count of goods priced at cost, and before any necessary year-end adjustment relating to the following:

Include in the physical count were goods billed to a customer FOB shipping point on June 30,2011. These goods had a cost of $1,500 and were picked up by the carrier on July 2,2011.

Goods shipped FOB destination on June 28,2011, from a vendor to gordon were receive on july 3,2011. The invoice cost was $2,500.
What amount should gordon report as inventory on its June 30,2011, balance sheet?

Reference no: EM13143792

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