Question: UMPI Inc. did a physical inventory count at the end of the year and noted that $ 8 7 0 , 0 0 0 of

UMPI Inc. did a physical inventory count at the end of the year and noted that $870,000 of goods were on hand. In addition, Bell, Inc. determined that $75,000 of goods that were in transit that were shipped f.o.b. shipping point were actually received two days after the inventory count and that the company had $45,000 of goods out on consignment. What amount should Bell report as inventory at the end of the year?

 

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