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Goods sold fob shipping point of 4000 still in transit at

Question - Husky Company had in its physical count of inventory at December 31, 2015 of $62,000 the following items:

Goods sold FOB shipping point of $4,000 still in transit at December 31. Goods being sold on consignment not yet sold and still at the consignee's store at December 31, $7,000. Goods sold FOB destination costing $8,000 which had not arrived at the purchaser's pick up point by December 31.

Determine the correct ending inventory.

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Accounting Basics: Goods sold fob shipping point of 4000 still in transit at

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Accounting Basics: Goods sold fob shipping point of 4000 still in transit at

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