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Current Attempt in Progress Umatilia Bank and Trust is considering giving Pharoah Company a loan Before doing so, it decides that further discussions with Pharcah's

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Current Attempt in Progress Umatilia Bank and Trust is considering giving Pharoah Company a loan Before doing so, it decides that further discussions with Pharcah's accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $249.390. Discussions with the accountant reveal the following. 1. Pharoah shipped goods costing $49.520 to Wildhorse Compary FOB shipping point on December 28 . The goods are not expected to reach Wildhorse 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 cy not include goods costing $92.420 that were shipped to Pharoah FOB destination on Docember 27 and were still in transit at year-end. 3. Pharoah received goods costing $26.550 on January 2 The goods were shipped FOB shipping point on December 26 by Yanice Co. The goods were not included in the phiysical count. 4. Pharoah shipped goods costing $55,500 to Ehler of Canada FOB destination an December 30 . The goods were received in Csada on Jaruarye, They were not included in Pharoah's physical inventory. 5. Phurouh recelved goods costing $38,470 on January 2 that were shipped FOB destination on December 29. The shipment was a rushiorder that was supposed to arrive December 31 . This purchase was included in the ending inventory of $249.390. Determine the correct imentory arount on December 31. Correct imentory amount on December 31

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