Maxilla Bank and Trust is considering giving Ivanhoe Company a loan. Before doing so, it decides that further discussions with Ivanhoe's accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $261,900. Discussions with the accountant reveal the following. Ivanhoe shipped goods costing $49,760 to Hemlock Company FOB shipping point on December 28 . The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not ir the warehouse. The physical count of the inventory did not include goods costing $89,410 that were shipped to lvanhoe FOB destination on December 27 and were still in transit at year-end. Ivanhoe