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Inventory Report: Conoco Company Example

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Conoco Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Ajax Corporation, f.o.b. shipping point, and $22,000 of goods sold to Boise Company for $30,000, f.o.b. destination. Both the Ajax purchase and the Boise sale were in transit at year-end. What amount should Conoco report as its December 31 inventory?

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Solution provides steps necessary to calculate the inventory report.

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