1) ABC Inc. took a physical inventory at the end of the year and determined that $700,000 of goods were on hand. In addition, ABC, Inc. determined that $60,000 of goods that were in transit that were shipped f.o.b. shipping point were actually received two days after the inventory count and that the company had $90,000 of goods out on consignment. What amount should ABC report as inventory at the end of the year? 2) ABC Inc. took a physical inventory at the end of the year and determined that $800,000 of goods were on hand. In addition, the following items were not included in the physical count. ABC, Inc. determined that $96,000 of goods purchased were in transit that were shipped f.o.b. destination (goods were actually received by the company three days after the inventory count). The company sold $40,000 worth of inventory f.o.b. destination. What amount should ABC report as inventory at the end of the year? 3) ABC Inc. reported total assets of $6,400,000 and net income of $510,000 for the current year. ABC determined that inventory was understated by $120,000 at the beginning of the year and $60,000 at the end of the year. What is the corrected amount for net income for the year? 4) The following information is available for ABC Company for 2020: Daiiastin Conn