Sheridan Company is trying to determine the value of its ending inventory as at February $29,2024,$ the company's year end. The

accountant counted everything that was in the warehouse as at February $29,$ which resulted in an ending inventory valuation of

$$67,000.$ However, he was not sure how to treat the following transactions, so he did not include them in inventory:

$($a$)$

For each of the below transactions, specify whether the item should be included in ending inventory, and if so$,$ at what amount.

Sheridan Company shipped $$860$ of inventory on consignment to

Crane Company on February $20.$ By February $29,$ Crane Company

had sold $$360$ of this inventory for Sheridan.

On February $29,$ Sheridan was holding merchandise that had

been sold to a customer on February $25$ but needed some minor

alterations. The alterations have been performed. The customer

has paid for the goods and will pick them up on March $3.$ This

inventory cost $$500$ and was sold for $$880.$