Bellingham Inc. took a physical inventory at the end of the year and calculated that £1,750,000 of goods were on hand.

Bellingham determined that £25,000 of goods were in transit. The goods were shipped f.o.b. shipping point and were received by Bellingham two days after the inventory count.

The company also had £275,000 of goods out on consignment.

What amount should Bellingham report for inventory on its statement of financial position?

Select one:

a. £1,450,000.

b. £1,750,000.

c. £2,050,000.

d. £2,025,000

Answer rating: 100% (QA)

Option c is correct Explanation am... View the full answer