Presented below is a list of items that may or may not be reported as inventory in a company's December 31 balance sheet. Indicate where each item would be reported in the financial statements or not reported. If an item should not be reported as inventory, indicate how it should be reported in the financial statements. 1. Goods out on consignment at another company's store. 2.Goods sold on an installment basis (bad debts can be reasonably estimated) 3.Goods purchased fo.b. shipping point that are in transit at December 31. 4.Goods purchased fo.b. destination that are in transit at December 31 5.Goods sold to another company, for which our company has signed an agreement to repurchase at a set price that covers all costs related to the inventory. 6.Goods sold where large returns are predictable. 7.Goods sold f.o.b. shipping point that are in transit at December 31