Stallman Company took a physical inventory on December 31 and determined that goods costing $275,260...
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Stallman Company took a physical inventory on December 31 and determined that goods costing $275,260 were on hand. Not included in the physical count were $31,540 of goods purchased from Pelzer Corporation, f.o.b. shipping point, and $28,940 of goods sold to Alvarez Company for $39,800, f.o.b. destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Stallman report as its December 31 inventory
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