Question

Mayhelm Ltd. took a physical inventory on December 31 and determined that goods costing $2,000 were on hand. This amount included $500 of goods held on consignment for Delhi Corporation. Not included in the physical count were $400 of goods purchased from Taylor Corporation, FOB shipping point, and $180 of goods sold to Mount Pilot Ltd. for $300, FOB destination. Both the Taylor purchase and the Mount Pilot sale were in transit at year end.
What amount should Mayhelm report as its December 31 inventory?


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  • CreatedSeptember 18, 2015
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