Business, 05.05.2020 05:15 RanTam

Ivanhoe Company took a physical inventory on December 31 and determined that goods costing $669,000 were on hand. Not included in the physical count were $11,000 of goods purchased from Pharoah Corporation, f. o.b. shipping point, and $27,000 of goods sold to Ro-Ro Company for $36,000, f. o.b. destination. Both the Pharoah purchase and the Ro-Ro sale were in transit at year-end. What amount should Ivanhoe report as its December 31 inventory

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Ivanhoe Company took a physical inventory on December 31 and determined that goods costing $669,000...

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