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What amount should bell report as inventory at end of year

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Problem 1: Bell Inc. took a physical inventory at the end of the year and determined that P 650,000 of goods were on hand. In addition, Bell, Inc. determined that P 50,000 of goods that were in transit that were shipped f.o.b. shipping were actually received two days after the inventory count and that the company had P 75,000 of goods out on consignment. What amount should Bell report as inventory at the end of the year?

a. 650,000
b. 700,000
c. 725,000
d. 775,000

Reference no: EM132817455

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