USF, Inc. is located in Tampa with suppliers and customers i…
USF, Inc. is located in Tampa with suppliers and customers in other states. They perform a physical count of inventory and determine that they have $500,000 in inventory in their warehouse on 12/31/2022. They examine their purchase invoices, they note that among the $50,000 in goods that have been purchased but have not yet been received by USF, Inc. at year end $30,000 are FOB Tampa and the other $20,000 are FOB Atlanta. When they similarly examine their sales invoices, they note that among their $100,000 in inventory that is sold in the current year and is in-transit (being shipped to their consumers) $60,000 is FOB Las Vegas and $40,000 is FOB Tampa. What is the total inventory that USF, Inc. should report on its financial statements?