1. Sun Company's preliminary, unadjusted value for ending inventory as of June 30, 2015, is $56,000. The following transactions occurred during the year and were counted as Sun's inventory (all included). Determine if Sun should have included or excluded these transactions from their inventory calculation and find a new inventory valuation at June 30, 2015.

a) On June 29, Sun shipped goods to a customer costing $1,000. The goods were shipped FOB destination, and the receiving report indicates that the customer received the goods on July 1.

b) On June 28, Wholesale Inc. shipped goods to Sun FOB shipping point. The invoice price recieved by Sun on July 2.

c) Sun held $750 of consigned goods from Frederick Inc

d) Sun had $380 of inventory at Stephen's Variety on consignment.

e) On June 29, Sun ordered goods costing $640. The goods were shipped FOB destination on June 30. Sun received the goods on July 3.

f) A customer returned goods to Sun on June 30. Upon inspection, the goods were found to be undamaged and were accepted as returned goods. These goods originally cost $400 and Sun sold them for $640.

	Include in Sun's Ending Inventory?	Exclude from Sun's Ending Inventory?	If included in Sun's Inventory, what amount is included?
a)
b)
c)
d)
e)
f)

Sun's new valuation for Ending Inventory at June 30, 2015?