Blossom Company took a physical inventory on December 31 and determined that goods costing $560,000 were on hand. Not included in the physical count were $8,000 of goods purchased from Sunland Corporation, f.o.b. shipping point, and $29,000 of goods sold to Ro-Ro Company for $40,000, f.o.b. destination. Both the Sunland purchase and the Ro-Ro sale were in transit at year-end. What amount should Blossom report as its December 31 inventory

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22-04-2020
Business

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Blossom Company took a physical inventory on December 31 and determined that goods costing $560,000 were on hand. Not included in the physical count were $8,000 of goods purchased from Sunland Corporation, f.o.b. shipping point, and $29,000 of goods sold to Ro-Ro Company for $40,000, f.o.b. destination. Both the Sunland purchase and the Ro-Ro sale were in transit at year-end. What amount should Blossom report as its December 31 inventory

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akiran007 akiran007 · Answer 1 · 2020-04-26T05:07:21+02:00

Answer:

Blossom December 31 inventory $ 608,000

Explanation:

Blossom Company

Physical inventory on December 31 $560,000

Add goods purchased from Sunland Corporation $8,000

( the terms are f.o.b point they are buyer's inventory when the purchase was made)

Add goods sold to Ro-Ro Company for $40,000

( they will be added as it is f.o.b destination that is unless it reaches destination it is sellers' inventory)

Blossom December 31 inventory $ 608,000

F.O. B shipping point transfers the title to the buyer when the purchases is made.

F. O. B shipping destination are seller's goods until they reach their destination

When the sale is recorded the sales units are recorded in the ending inventory because of f.o.b destination but when the purchases are made the units are included in the ending inventory because of terms f.o.b point.