Current Attempt in Progress

Cullumber Looms Inc. took a physical inventory at the end of the year and determined that $$914000$ of goods were on hand between its warehouse and store locations. In addition, the following items were not considered when counting final inventory:

$$40000$ of goods purchased were in tr$$nsit$.$ The goods were shipped fo$.$b$.$ shipping point and were received by the company three days after the inventory count.

$$55500$ worth of goods that were sold with an explicit repurchase agreement on the inventory.

What amount should Cullumber report as inventory at the end of the year?

$$914000$

$$954000$

$$818500$

$$1009500$