In your audit of Jason Company, you find that a physical inventory on December 31, 2025, showed merchandise with a cost of $196,000 was on hand at that date. You also discover the following items were all excluded from the $196,000: 1. 2. 3. 4. 5. Merchandise of $22,000 which is held by Jason on consignment. The consignor is the Max Suzuki Company. Merchandise costing $23,000 which was shipped by Jason f.o.b. destination to a customer on December 31, 2025. The customer was expected to receive the merchandise on January 6, 2026. Merchandise costing $22,000 which was shipped by Jason f.o.b. shipping point to a customer on December 29, 2025. The customer was scheduled to receive the merchandise on January 2, 2026. Merchandise costing $56,000 shipped by a vendor f.o.b. destination on December 30, 2025, and received by Jason on January 4, 2026. Merchandise costing $41,000 shipped by a vendor f.o.b. shipping point on December 31, 2025, and received by Jason on January 5, 2026.

In your audit of Jason Company, you find that a physical inventory on December 31,2025 , showed merchandise with a cost of \$196.000 was on hand at that date. You also discover the following items were all excluded from the $196,000 : 1. Merchandise of $22,000 which is heid by Jason on consignment. The consignor is the Max Suzuki Corapany. 2. Merchandise costing $23,000 which was shipped by Jason Lo.b. destination to a customer on December 31, 2025, The customer was expected to recelve the merchandise on January 6,2026 3. Merchandise costing $22,000 which was shipped by Jason to b. shipping point to a customer on December 29,2025 . The customer was scheduled to recelve the merchandise on Jandary 2,2026 4. Merchandise costing $56.000 shipped by a vendor fab. destinotion on December 30,2025 , and received by Jason on January 4,2026 5. Merchandise costing \$41.000 shipped by a vendor fo b. shipping point on December 31,2025 , .md received by lason on January 5,2026