Business, 06.11.2019 23:31 jeff568463

Delar co. completed its year-end physical count of inventory. the inventory was valued at first-in, first-out (fifo) costs and totaled $500,000. delar subsequently noted the following two items: 1,000 units of inventory with a fifo cost of $10 each were shipped and billed to a customer, f. o.b. destination. these items were included in the physical count. 6,000 units at a fifo cost of $5 each were held on consignment for one of its suppliers, but were excluded from the physical count. what amount should delar report as inventory at year end?
a. $530,000
b. $520,000
c. $500,000
d. $490,000

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Delar co. completed its year-end physical count of inventory. the inventory was valued at first-in,...

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