Flash Company's inventory at June 30,2014,was $75,000 based on a physical count of goods priced at cost,and before any necessary year-end adjustment relating to the following:
•Included in the physical count were goods billed to a customer FOB shipping point on June 30,2014.These goods had a cost of $1,500 and were picked up by the carrier on July 10,2014.
•Goods shipped FOB destination on June 28,2014,from a vendor to Flash were received on July 3,2014.The invoice cost was $2,500.
What amount should Flash report as inventory on its June 30,2014,balance sheet?

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The Answer of Flash Company's inventory at June 30,2014,was $75,000 based on a physical count of goods priced at cost,and before any necessary year-end adjustment relating to the following:
•Included in the physical count were goods billed to a customer FOB shipping point on June 30,2014.These goods had a cost of $1,500 and were picked up by the carrier on July 10,2014.
•Goods shipped FOB destination on June 28,2014,from a vendor to Flash were received on July 3,2014.The invoice cost was $2,500.
What amount should Flash report as inventory on its June 30,2014,balance sheet?

Flash Company's Inventory at June 30,2014,was $75,000 Based on a Physical