Question: Current Attempt in Progress Pina Colada Corp. took a physical inventory on December 3 1 and determined that goods costing $ 1 5 0 ,

Current Attempt in Progress
Pina Colada Corp. took a physical inventory on December 31 and determined that goods costing $150,000 were on hand. Not included in the physical count were $25,400 of goods purchased from Pelzer Corporation, FOB shipping point, and $22,800 of goods sold to Alvarez Company for $29,800, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end.
What amount should Pina Colada report as its December 31 inventory?
Current Attempt in Progress Pina Colada Corp. took a physical inventory

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