- / 16 Crane Company is trying to determine the value of its ending inventory as...

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- / 16 Crane Company is trying to determine the value of its ending inventory as at February 29, 2024, the company's year end. The accountant counted everything that was in the warehouse as at February 29, which resulted in an ending inventory valuation of $63,000. However, he was not sure how to treat the following transactions, so he did not include them in inventory: (a) For each of the below transactions, specify whether the item should be included in ending inventory, and if so, at what amount. 1. 2. Crane Company shipped $880 of inventory on consignment to Sheridan Company on February 20. By February 29. Sheridan Company had sold $355 of this inventory for Crane. On February 29, Crane was holding merchandise that had been sold to a customer on February 25 but needed some minor alterations. The alterations have been performed. The customer has paid for the goods and will pick them up on March 3. This inventory cost $500 and was sold for $900. Include/Exclude Amount ENG - / 16 Crane Company is trying to determine the value of its ending inventory as at February 29, 2024, the company's year end. The accountant counted everything that was in the warehouse as at February 29, which resulted in an ending inventory valuation of $63,000. However, he was not sure how to treat the following transactions, so he did not include them in inventory: (a) For each of the below transactions, specify whether the item should be included in ending inventory, and if so, at what amount. 1. 2. Crane Company shipped $880 of inventory on consignment to Sheridan Company on February 20. By February 29. Sheridan Company had sold $355 of this inventory for Crane. On February 29, Crane was holding merchandise that had been sold to a customer on February 25 but needed some minor alterations. The alterations have been performed. The customer has paid for the goods and will pick them up on March 3. This inventory cost $500 and was sold for $900. Include/Exclude Amount ENG