Cullumber Looms Inc. took a physical inventory at the end of the year and determined...
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Accounting
Cullumber Looms Inc. took a physical inventory at the end of the year and determined that $ of goods were on hand between its warehouse and store locations. In addition, the following items were not considered when counting final inventory:
$ of goods purchased were in transit. The goods were shipped fob shipping point and were received by the company three days after the inventory count.
$ 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?
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