Stallman Company took a physical inventory on December 31 and determined that goods costing\n$200,000 were on hand. Not included in the physical count
Stallman Company took a physical inventory on December 31 and determined that goods costing
\r\n$200,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Pelzer
\r\nCorporation, f.o.b. shipping point, and $22,000 of goods sold to Alvarez Company for $30,000, 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?c