Maxilla Bank and Trust is considering giving Pharoah Company a loan. Before doing so, it decides that further discussions with Pharoah's accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $277,630. Discussions with the accountant reveal the following. Pharoah shipped goods costing $57,520 to Sheridan Company FOB shipping point on December 28 . The goods are not expected to reach Sheridan until January 12. The goods were not included in the physical inventory because they were not in the warehouse. The physical count of the inventory did not include goods costing $102,970 that were shipped to Pharoah FOB destination on December 27 and were still in transit at year-end. Pharoah