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What amount should metlock report as its december

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Question - Metlock, Inc. took a physical inventory on December 31 and determined that goods costing $220,000 were on hand. Not included in the physical count were $20,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $21,600 of goods sold to Alvarez Company for $29,000, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Metlock report as its December 31 inventory?

Reference no: EM132523073

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