Blossom Company took a physical inventory on December 31 and determined that goods costing $250,000 were on hand. Not included in the physical count were $24,800 of goods purchased from Pelzer Corporation, FOB shipping point, and $22,600 of goods sold to Alvarez Company for $31,200, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end.
What amount should Blossom report as its December 31 inventory?
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Blossom Company took a physical inventory on December 31 and determined that goods costing $250,000...
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