INTRO to Financial Accounting

Kananaskis Limited is trying to determine the amount of its ending inventory as at February 28, the companys year end. The accountant counted everything in the warehouse in early March, which resulted in an ending inventory amount of $150,420. However, the accountant was not sure how to treat the following transactions, so he did not include them in the count. He has asked for your help in determining whether or not the following transactions should be included in inventory:

a) For each of the situations, specify whether the item should be included in ending inventory, and if so, at what amount. For each item that is not included in ending inventory, indicate who owns it. (Round answers to 0 decimal places, e.g. 25.) NOTE: The ownership blanks can only have 1 out 5 options -

Supply Ownership, Banff Corporation, Kananaskis, Craft Producers Ltd. , Customer Ownership

b) Also, Calculate the revised inventory ammount;