Question 19 of 20 < > -/10 E Premier Bank and Trust is considering giving Kingbird Company a loan. Before doing so, they decide that further discussions with Kingbird's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $286,880. Discussions with the accountant reveal the following. 1. 2. 3. 4. 5. Kingbird received goods costing $43,120 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $286,880. Kingbird sold goods costing $36,080 to Cusa Company, FOB shipping point, on December 28 for $57,200. The goods are not expected to arrive at Cusa until January 12. The goods were not included in the physical inventory because they were not in the warehouse. The physical count of the inventory did not include goods costing $78,320 that were shipped to Kingbird FOB destination on December 27 and were still in transit at year-end. Kingbird received goods costing $23,760 on January 2. The goods were shipped FOB shipping point on December 26 by Noble Co. The goods were not included in the physical count. Kingbird sold, for $48,400 goods costing $33,440 to Limerick Co., FOB destination, on December 30. The goods were received at Limerick on January 8. They were not included in Kingbird's physical inventory