First Bank is considering giving Sunland Company a loan. First, however, it decides that it would be a good idea to have further discussions with Sunland's accountant. One area of particular concern is the inventory account, which has a December 31 balance of $278,000. Discussions with the accountant reveal the following: 1. The physical count of the inventory did not include goods that cost $95,000 that were shipped to Sunland, FOB shipping point, on December 27 and were still in transit at year end. 2. 3. 4. Sunland sold goods that cost $34,000 to Blossom, FOB destination, on December 28. The goods are not expected to arrive at their destination in India until January 12. The goods were not included in the physical inventory because they were not in the warehouse. On December 31, Bridgeport had $32,000 of goods held on consignment for Sunland. The goods were not included in Sunland's ending inventory balance. Sunland received goods that cost $28,000 on January 2. The goods were shipped FOB shipping point on December 26 by Culver. The goods were not included in the physical count.