Penultimate Company uses a perpetual inventory system and has a December 31 year-end. Its records show the following data for the current year:

Inventory beginning of year per General Ledger - 33,350 Inventory end of year unadjusted per General Ledger - $35,000 Purchases during the year - $60,000 Physical inventory count end of year - 37,700 Accounts Payable invoices dated December for inventory purchases ordered but in transit at year end - $6,000 Trade terms with suppliers Net 30 days, FOB destination

Required 1: Assuming no other transaction happened, what value will show on Penultimate's year end balance sheet for inventory? $

Required 2: Assuming no other transaction happened, what value will show on Ultimate's Income Statement as the Cost of Goods Sold? $

Required 3: Assuming no other transaction happened, what was the amount of Merchandise Available For Sale? $