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What is the correct amount of inventory that entity g should

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At December 31, 2022, Entity G's preliminary inventory count indicates a value of $180,000 based upon goods counted in its warehouse. Entity G asks you to consider the following items in determining the correct amount.

  1. Entity G is holding consigned goods (owned by Entity H) in its warehouse valued at $15,000. These goods were included in the inventory count.
  2. Entity G purchased $10,000 of goods from a vendor F.O.B. destination on December 20. The goods have not yet arrived at Entity G's warehouse so they were not included in the inventory count.

Problem 1: What is the correct amount of inventory that Entity G should report?

Option 1: $180,000
Option 2: $165,000
Option 3: $225,000
Option 4: $190,000

Reference no: EM132759985

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