Smith-Miller Enterprises Has Inventory of $657,000 in Its Stores as of December

question 69

Multiple Choice

Smith-Miller Enterprises has inventory of $657,000 in its stores as of December 31.It also has two shipments in-transit that left the suppliers' warehouses by December 28.Both shipments are expected to arrive on January 5.The first shipment of $128,000 was sold f.o.b.destination and the second shipment of $76,000 was sold f.o.b.shipping point.What amount of inventory should Smith-Miller report on its balance sheet as of December 31?

• A)$657,000
• B)$861,000
• C)$785,000
• D)$733,000

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