Carla Vista Looms Inc. took a physical inventory at the end of the year and determined...

 

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Carla Vista Looms Inc. took a physical inventory at the end of the year and determined that $917000 of goods were on hand between its warehouse and store locations. In addition, the following items were not considered when counting final inventory: $47500 of goods purchased were in transit. The goods were shipped f.o.b. shipping point and were received by the company three days after the inventory count. $55000 worth of goods that were sold with an explicit repurchase agreement on the inventory. What amount should Carla Vista report as inventory at the end of the year? O $814500 O $964500 O $1019500 O $917000 Carla Vista Looms Inc. took a physical inventory at the end of the year and determined that $917000 of goods were on hand between its warehouse and store locations. In addition, the following items were not considered when counting final inventory: $47500 of goods purchased were in transit. The goods were shipped f.o.b. shipping point and were received by the company three days after the inventory count. $55000 worth of goods that were sold with an explicit repurchase agreement on the inventory. What amount should Carla Vista report as inventory at the end of the year? O $814500 O $964500 O $1019500 O $917000

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