Complete E6-1 on page 296. The current ending inventory value for Wilfred Co. is at $297,000. Decide whether the listed transactions 1-5 were handled properly by Wilfred or whether each needs to be added or subtracted to the ending value and what value should be used. 1. Good sold and shipped 12/28 FOB shipping point were excluded. Select 2. Goods purchased 12/27 FOB destination and in transit at year-end were excluded. [Select) 3. Goods purchased 12/26 FOB shipping point and in transit at year-end were excluded. [Select] 4. Goods sold 12/30 FOB destination and in transit at year-end were excluded. [Select) 5. Goods purchased FOB destination and in transit at year-end were included. [Select) 6. The updated inventory value for Wilfred Co. should be (Select] E6-1 Tri-State Bank and Trust is considering giving Wilfred Company a loan. Before doing so, management decides that further discussions with Wilfred's accountant may be desir- able. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following. 1. Wilfred sold goods costing $38,000 to Lilja Company, FOB shipping point, on Decem- ber 28. The goods are not expected to arrive at Lilja until January 12. The goods were not included in the physical inventory because they were not in the warehouse. 2. The physical count of the inventory did not include goods costing $95,000 that were shipped to Wilfred FOB destination on December 27 and were still in transit at year-end. 3. Wilfred received goods costing $22,000 on January 2. The goods were shipped FOB shipping point on December 26 by Brent Co. The goods were not included in the phys- ical count. 4. Wilfred sold goods costing $35,000 to Jesse Co., FOB destination, on December 30. The goods were received at Jesse on January 8. They were not included in Wilfred's physical inventory. 5. Wilfred received goods costing $44,000 on January 2 that were shipped FOB destina- tion on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $297,000. Instructions Determine the correct inventory amount on December 31