Near the end of 2016, Spruce Co. made the following purchases. The months involv

Question

Near the end of 2016, Spruce Co. made the following purchases. The months involved in all cases are December 2016 and January 2017. Date Date Date Date Goods Invoice Goods Invoice Amount FOB Shipped Mailed Rec'd Rec'd $1,575 Destination 12/29 1/2 1/5 1/4 2,430 Shipping Point 1/2 12/29 1/4 12/30 1,890 Shipping Point 12/28 1/2 1/3 1/4 2,700 Destination 12/29 12/27 1/2 12/28 What amount of the above purchases should be included in Spruce’s inventory at December 31, 2016? $4,575 $1,575 $1,890 $4,320

Explanation / Answer

$ 1,890 since invoice recd was 1/4 and it was still at shipping point and other items are at destination

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