Pharoah Looms Inc. took a physical inventory at the end of the year and determined that...

Transcribed Image Text:

Pharoah Looms Inc. took a physical inventory at the end of the year and determined that $910000 of goods were on hand between its warehouse and store locations. In addition, the following items were not considered when counting final inventory: $46500 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. $54500 worth of goods that were sold with an explicit repurchase agreement on the inventory. What amount should Pharoah report as inventory at the end of the year? Pharoah Looms Inc. took a physical inventory at the end of the year and determined that $910000 of goods were on hand between its warehouse and store locations. In addition, the following items were not considered when counting final inventory: $46500 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. $54500 worth of goods that were sold with an explicit repurchase agreement on the inventory. What amount should Pharoah report as inventory at the end of the year?