(e) On February 26, Houghton issued a purchase order to acquire Not Included goods costing $950. The goods were shipped with terms FOB destination on February 27. Houghton received the goods on March 2. (f) On February 26, Houghton shipped goods to a customer Included under terms FOB destination. The invoice price was $380; the cost of the items was $250. The receiving report indicates that the goods were received by the customer on March 2. (g) Houghton had damaged goods set aside in the warehouse Not Included because they are no longer saleable. These goods originally cost $600, and Houghton had expected to sell these items for $800.Houghton Limited is trying to determine the value of its ending inventory as of February 28, 2027, the company's year-end. The following transactions occurred, and the accountant asked your help in determining whether they should be recorded or not. For each of the transactions below, specify whether the item in question should be included in ending inventory, and if so, at what amount. (2) On February 26, Houghton shipped goods costing $1,200 to a Not Included customer and charged the customer $1.500. The goods were shipped with terms FOB shipping point and the receiving report indicates that the customer received the goods on March 2. (b) On February 26, Crain Inc. shipped goods to Houghton under Included terms FOB shipping point. The invoice price was $650 plus $30 for freight. The receiving report indicates that the goods were received by Houghton on March 2. (c) Houghton had $810 of inventory isolated in the warehouse. Included The inventory is designated for a customer who has requested that the goods be shipped on March 10. (d) Also included in Houghton's warehouse is $790 of inventory Not Included that Korenic Producers shipped to Houghton on consignment.Your answer is partially correct. Kari Downs, an auditor with Wheeler CPAs, is performing a review of Concord Company's inventory account. Concord did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year- end was $749,000. However, the following information was not considered when determining that amount. (a1) Prepare a schedule to determine the correct inventory amount. (If an amount reduces the account balance then enter with a negative sign preceding the number , e.g. -15,000, or parenthesis e.g. (15,000). Enter O if there is no effect.) Ending inventory-as reported 749000 1. Included in the company's count were goods with a cost of $243,000 that the company is -243000 holding on consignment. The goods belong to Kroeger Corporation. 2. The physical count did not include goods purchased by Concord with a cost of $33,000 that were shipped FOB destination on December 28 and did not arrive at Concord warehouse until January 3. 3. Included in the inventory account was $15,000 of office supplies that were stored in the -15000 warehouse and were to be used by the company's supervisors and managers during the coming year. 4. The company received an order on December 29 that was boxed and sitting on the loading 33000 dock awaiting pick-up on December 31. The shipper picked up the goods on January 1 and delivered them on January 6. The shipping terms were FOB shipping point. The goods had a selling price of $45,000 and a cost of $33,000. The goods were not included in the count because they were sitting on the dock.5. On December 29. Concord shipped goods with a selling price of $74,000 and a cost of 60000 $68.000 to Macchia Sales Corporation FOB shipping point. The goods arrived on January 3. Macchia had only ordered goods with a selling price of $13,000 and a cost of $8,000. However, a sales manager at Concord had authorized the shipment and said that if Macchia wanted to ship the goods back next week, it could. 6. Included in the count was $47,000 of goods that were parts for a machine that the 47000 company no longer made. Given the high-tech nature of Concord's products, it was unlikely that these obsolete parts had any other use. However, management would prefer to keep them on the books at cost, "since that is what we paid for them, after all." 469000 Correct inventory