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What amount should Vaughn report as its December inventory

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Question - Vaughn Manufacturing took a physical inventory on December 31 and determined that goods costing $216,000 were on hand. Not included in the physical count were $30,000 of goods purchased from Tamarisk, Inc., FOB, shipping point, and $21,500 of goods sold to Sheffield Corp. for $32,000, FOB destination. Both the Tamarisk purchase and the Sheffield sale were in transit at year-end. What amount should Vaughn report as its December 31 inventory?

Reference no: EM132844813

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