25.

On December 31, 2020, Wallace Co. is determining whether goods in-transit should be included or excluded from the physical inventory count.

One shipment in-transit to Wallace Co. for $43,000 was shipped f.o.b. shipping point from a vendor and was expected to arrive on January 1, 2021.

One shipment in-transit to Wallace Co. for $83,000 was shipped f.o.b. destination from a vendor. The goods are expected to arrive on January 2, 2021.

One shipment in-transit from Wallace Co. for $20,400 was shipped f.o.b. destination to a customer. The merchandise is expected to arrive on January 3, 2021.

What shipment amount(s) (if any) should be included in the physical inventory count on December 31, 2020?

30.

At December 31, 2020, the following information is available from Burnett Companys accounting records. If sales are $527,000 and markdowns total $15,200, compute estimated inventory at the end of 2020 using the conventional retail method.

	Cost	Retail
Inventory, January 1, 2020	$57,600	$96,350
Purchases	327,480	529,750
Net markups		15,700
Available for sale	$385,080	$641,800

Calculate the ending inventory at cost