Stallman Company took a physical inventory on December $31$ and determined that goods costing $$200,000$ were on hand. Not included in the physical count were $$25,000$ of goods purchased from Pelzer Corporation, FOB, shipping point, and $$22,000$ of goods sold to Alvarez Company for $$30,000,$ FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year$-$end.

What amount should Stallman report as its December $31$ inventory?

Ending Inventory

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In its first month of operations, McLanie Company made three purchases of merchandise in the following sequence: $(1)300$ units at $$6,(2)400$ units at $$8,$ and $(3)500$ units at $$9.$ Assuming there are $200$ units on hand at the end of the period, compute the cost of the ending inventory under $($a$)$ the FIFO method and $($b$)$ the LIFO method. McLanie Company uses a periodic inventory system.

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