Question: A physical inventory count determined inventory to be $420,000. Two items of information were revealed: (1) $40,000 of goods that had been sent to

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

A physical inventory count determined inventory to be $420,000. Two items of information were revealed: (1) $40,000 of goods that had been sent to a consignee that had NOT been counted and (2) $20,000 of purchased goods in transit (FOB Destination) were NOT included in the count. What is the correct inventory count?

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