Business, 24.03.2020 01:37, juneham

Delar Co. completed its year-end physical count of inventory. The inventory was valued at first-in, first-out (FIFO) costs and totaled $500,000. Delar subsequently noted the following two items: 1. 1,000 units of inventory with a FIFO cost of $10 each were shipped and billed to a customer, f. o.b. destination. These items were included in the physical count. 2. 6,000 units at a FIFO cost of $5 each were held on consignment for one of its suppliers, but were excluded from the physical count. What amount should Delar report as inventory at year end?a) $530,000b) $520,000c) $500,000d) $490,000

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Delar Co. completed its year-end physical count of inventory. The inventory was valued at first-in,...