Wendt, Inc counted its ending inventory as $178,000 at year-end, January 31, 2014 . Upon review of the records, it was noted that the following items were in transit during the count: A) $2,000 of goods shipped by a supplier to Wendt sent FOB destination on January 31 were received February 5, and were not counted by Wendt. B) $5,000 of goods shipped by a supplier to Wendt sent FOB shipping point
on January 30 were received February 2, and were not counted by Wendt. C) $6,000 of goods shipped by Wendt to a customer FOB shipping point on January 31 were received by the customer February 3, and were counted by Wendt. Determine the correct inventory balance at January 31.
a. $178,000
b. $177,000
c. $174,000
d. $172,000
b
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