Problem 6-1: Cheyenne Corporation is trying to determine the amount of inventory it should report at its December 31 yearend. Identify which of the following items Cheyenne should be including in inventory and at what amount.

Cheyenne Corporation is trying to determine the amount of inventory it should report at its December 31 year-end. Identify which of the following items Cheyenne should be including in inventory and at what amount. Items Included/Not Included Amount 1. On December 28, Arners Inc. shipped goods to Cheyenne FOB shipping point. The invoice was in the amount of $1,230 of which $50 reflected freight. Cheyenne received the goods on January 3. 2. Cheyenne shipped $750 of goods on consignment to Beljira Ltd. on December 23. On December 31, Beljira informed Cheyenne that they had sold $580 of the goods. 3. On December 29 Cheyenne sold and collected cash from a customer for inventory costing $1,450. The goods required assembling so the customer picked them up on January 2. 4. Cheyenne shipped goods FOB destination on December 27 costing $2,300 and with a selling price of $2,880. The customer received the goods on January 5. 5. Cheyenne was holding $4,680 of goods on consignment for Marshall Inc. which was included in Cheyenne's physical inventory count on December 31