Question: A physical inventory count determined inventory to be $420,000. Two items of information were revealed: (1) $40,000 of goods on hand which will be sold

A physical inventory count determined inventory to be $420,000. Two items

A physical inventory count determined inventory to be $420,000. Two items of information were revealed: (1) $40,000 of goods on hand which will be sold on consignment had been included in the count and (2) $20,000 of goods purchased in transit (FOB Shipping Point) had not been included in the count. What is the correct inventory count? $400,000$460,000$420,000$440,000

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