Please help me understand the following concepts:

1. Culver Co. purchased goods with a list price of $166,300, subject to trade discounts of20% and10%, with no cash discounts allowable. How much should Culver Co. record as the cost of these goods?
2. Larkspur Company's inventory of $1,177,500at December 31, 2017, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items.

(a)Goods shipped from a vendor f.o.b. shipping point on December 24, 2017, at an invoice cost of

$65,030to Larkspur Company were received on January 4, 2018.

(b)The physical count included $28,040of goods billed to Sakic Corp. f.o.b. shipping point on December

31, 2017. The carrier picked up these goods on January 3, 2018.

What amount should Larkspur report as inventory on its balance sheet?