Part A$)$ Madison Company is trying to determine the value of its ending inventory as at June $29,2024,$ the company's year end. The

accountant counted everything that was in the warehouse as at June $29,$ which resulted in an ending inventory valuation of $$61,000.$

However, he was not sure how to treat the following transactions, so he did not include them in inventory:

For each of the below transactions, specify whether the item should be included in ending inventory, and if so$,$ at what amount.

Madison Company shipped $$870$ of inventory on consignment to

Cullumber Company on June $20.$ By June $29,$ Cullumber Company

had sold $$335$ of this inventory for Madison.

On June $29,$ Madison was holding merchandise that had been sold

to a customer on June $25$ but needed some minor alterations. The

alterations have been performed. The customer has paid for the

goods and will pick them up on July $3.$ This inventory cost $$480$

and was sold for $$880.$

In Madison's warehouse on June $29$ is $$380$ of inventory that

Craft Producers shipped to Madison on consignment.

On June $27,$ Madison shipped goods costing $$940$ to a customer

and charged the customer $$1,320.$ The goods were shipped FOB

destination and the receiving report indicates that the customer

received the goods on July $3.$

On June $26,$ Teulon Company shipped goods to Madison, FOB

shipping point. The invoice price was $$390$ plus $$30$ for freight.

The receiving report indicates that the goods were received by

Madison on July $2.$

Madison had $$600$ of inventory put aside in the warehouse. The

inventory is for a customer who has asked that the goods be

shipped on July $10.$

On June $26,$ Madison issued a purchase order to acquire goods

costing $$735.$ The goods were shipped FOB destination. The

receiving report indicates that Madison received the goods on

July $2.$

On June $26,$ Madison shipped goods to a customer, FOB shipping

point. The invoice price was $$350$ plus $$25$ for freight. The cost of

the items was $$290.$ The receiving report indicates that the goods

were received by the customer on July $4.$

Part B$)$ Jackson Bank is considering giving Jasmine Company a loan. Jackson, however, it decides that it would be a good idea to have further discussions with Jasmine's accountant. One area of particular concern is the inventory account, which has a December $31$ balance of $$247,280.$ Discussions with the accountant reveal the following:

The physical count of the inventory did not include goods that cost $$83,600$ that were shipped to Jasmine, FOB shipping point, on December $27$ and were still in transit at year end.

Jasmine sold goods that cost $$30,800$ to Timothy Company, FOB destination, on December $28.$ The goods are not expected to arrive at their destination in India until January $12.$ The goods were not included in the physical inventory because they were not in the warehouse.

On December $31,$ Culver Company had $$26,840$ of goods held on consignment for Jasmine. The goods were not included in Jasmine's ending inventory balance.

Jasmine received goods that cost $$24,640$ on January $2.$ The goods were shipped FOB shipping point on December $26$ by Green Co$.$ The goods were not included in the physical count.

Determine the correct inventory amount at December $31.$