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What amount should wildhorse report as december inventory

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Question - Wildhorse co. Took a physical inventory on December 31 and determined that goods costing $198,500 were on hand. Not included in the physical count were $25,000 of goods purchased from waterway industries, fob, shipping point, and $26,000 of goods sold to oriole company for $30,000, fob destination. Both the waterway purchase and the oriole sale were in transit at year end. What amount should Wildhorse report as its December 31 inventory?

Reference no: EM133099529

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