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-$34,950

Inventory end of year unadjusted per General Ledger-$35,000

Purchases during the year-$60,000

Physical Inventory count end of year-40,900

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 transcation 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? $_____