Blue Company took a physical inventory on December 31 and determined that goods costing $190,900 were on hand. Not included in the physical count were $26,400 of goods purchased from Pelzer Corporation, f. o.b. shipping point, and $23,260 of goods sold to Alvarez Company for $29,460, f. o.b. destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Blue report as its December 31 inventory?

John and sue smith are a married couple who file a joint income tax return. they have two children, so they claim a total of 4 exemptions (based on calendar year 2015 tax law, a personal exemption of $4,000 per person or dependent can be deducted from total income). in addition, they have legitimate itemized deductions totaling $25,750. their total income from wages is $237,500. what is the couple’s taxable income? $195,750 $221,500 $229,500 $205,750