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Crane Company took a physical inventory on December 31 and determined that goods costing $199,100 were on hand. Not included in the physical count were $24,470 of goods purchased from Pelzer Corporation, f.o.b. shipping point, and $21,670 of goods sold to Alvarez Company for $30,420, f.o.b. destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Crane report as its December 31 inventory

Respuesta :

The amount should Crane report as its December 31 inventory is, 245,240.

What means physical inventory?

  • A true count of all the inventory, machinery, or both of an industrial or commercial enterprise, as opposed to a book inventory.

Which is an example of physical inventory?

  • An real count of the stock of items is called a physical inventory.
  • In addition to asking third parties for counts of inventory goods that have been consigned to them, this may entail counting, weighing, and other types of measurement of the products.

What is the process of physical inventory?

  • The practice of taking a physical inventory allows you to check whether the inventory amounts listed in the SAP system match up exactly or whether there are discrepancies.
  • In essence, after physical inventory is complete, your system and physical stock levels must match.

According to the question:

= ( 199,100 +24,470 +21,670 ).

= 245,240.

Learn more about physical inventory here:

https://brainly.com/question/23275439

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