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What amount should kingbird report as inventory

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Reference no: EM132956930

Question - Kingbird Company's inventory of $1,180,900 at December 31, 2020, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items.

(a) Goods shipped from a vendor f.o.b. shipping point on December 24, 2020, at an invoice cost of $72,100 to Kingbird Company were received on January 4, 2021.

(b) The physical count included $28,530 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2020. The carrier picked up these goods on January 3, 2021.

Required - What amount should Kingbird report as inventory on its balance sheet?

Reference no: EM132956930

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