For each of the following, calculate the COST OF INVENTORY reported on the balance sheet. (All are to be considered separately) $8,000 has 1. The total merchandise on hand at the end of the year at the end of the year, determined by taking a PHYSICAL INVENTORY was $62,000. Of the $62,000, been sold FOB DESTINATION and is awaiting pickup by the carrier. b. The total merchandise inventory counted at the end of the year was $63,000. Purchases for $6,000 are in transit under FOB SHIPPING POINT. c. The total merchandise inventory counted at the end of the year was $75,000. Purchases of $5,000 are in transit under FOB DESTINATION terms