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Pina Colada Corp. took a physical inventory on December 31 and determined that goods costing $150,000 were on hand. Not included in the physical count were $25,400 of goods purchased from Pelzer Corporation, FOB shipping point, and $22,800 of goods sold to Alvarez Company for $29,800, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Pina Colada report as its December 31 inventory? Inventory, December 31$ The management of Milque Corp. is considering the effects of inventory-costing methods on its financial statements and its income tax expense. Assuming that the cost the company pays for inventory is increasing, which method will: (a) Provide the highest net income? (b) Provide the highest ending inventory? (c) Result in the lowest income tax expense? Wahlowitz Video Center accumulates the following cost and net realizable value data at December 31. Compute the lower-of-cost-or-net realizable value for the company's total inventory. The lower-of-cost-or-net realizable value