First Bank is considering givingSheridan Companya loan. First, however, it decides that it would be a good idea to have further discussions withSheridan's accountant. One area of particular concern is the inventory account, which has a December 31 balance of $282,000. Discussions with the accountant reveal the following:

1.

The physical count of the inventory did not include goods that cost $92,000that were shipped toSheridan, FOB shipping point, on December 27 and were still in transit at year end.

2.

Sheridansold goods that cost $36,000toCrane, 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.

3.On December 31,Cheyennehad $30,000of goods held on consignment forSheridan. The goods were not included inSheridan's ending inventory balance.

4.Sheridanreceived goods that cost $27,000on January 2. The goods were shipped FOB shipping point on December 26 byConcord. The goods were not included in the physical count.

EastPoint Toyota, a small dealership, has provided you with the following information with respect to its vehicle inventory for the month of November. The company uses the specific identification method.

Determine the cost of goods sold and the ending inventory for the month of November.

Cost of goods sold:

Ending inventory:

Current Attempt in Progress EastPoint Toyota, a small dealership, has provided you with the following information with respect to its vehicle inventory for the month of November. The company uses the specific identification method. Date Explanation Model Serial# Unit Cost Unit Selling Price Nov. 1 Inventory Corolla C63825 $15,000 Corolla C81362 18,000 Camry G62313 26,000 Venza X3892 27,000 Tundra F1883 23,000 Tundra F1921 25,000 8 Sales Corolla C81362 $20,500 Camry G62313 28,000 12 Purchases Camry G71811 27,000 Camry G71891 25,000 Venza X4212 27,000 Venza X4214 32,000 18 Sales Camry G71891 26,500 Venza X3892 30,800 Tundra F1921 29,300 23 Purchases Tundra F2182 22,000 Camry G72166 29,000