What amount should Pine report as inventory

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Problem - Pine Company's inventory of $1,761,000 at December 31, 2014, 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 28, 2014, at an invoice cost of $85,500 to Pine Company were received on January 2, 2015.

(b) The physical count included $61,000 of goods billed to Douglas Corp. f.o.b. shipping point on December 31, 2014. The carrier picked up these goods on January 1, 2015.

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

Reference no: EM132732350

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