Fylus Company took a physical inventory on December 31 and determined that goods costing ($ 180,000) were
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Fylus Company took a physical inventory on December 31 and determined that goods costing \(\$ 180,000\) were on hand. Not included in the physical count were \(\$ 18,000\) of goods purchased from Rake Corporation, FOB destination, and \(\$ 27,000\) of goods sold to Shovel Company for \(\$ 40,000\), FOB destination. Both the Rake purchase and the Shovel sale were in transit year-end. What amount should Fylus report as its December 31 inventory?
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The 18000 of goods purchased from Rake are excluded from ending invent...View the full answer
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Related Book For 
Financial Accounting Tools For Business Decision Making
ISBN: 9781119791089
10th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell
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