Sunland Limited is trying to determine the value of its ending inventory as of February 28,...
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Sunland Limited is trying to determine the value of its ending inventory as of February 28, 2022, the company's year-end. The accountant counted everything that was in the warehouse as of February 28, which resulted in an ending inventory valuation of $55,680. However, she didn't know how to treat the following transactions so she didn't record them. For each of the above transactions, specify whether the item in question should be included in ending inventory, and if so, at what amount. For each item that is not included in ending inventory, indicate who owns it and what account, if any, it should have been recorded in. a. On February 26, Sunland shipped to a customer goods costing $928. The goods were shipped FOB shipping point, and the receiving report indicates that the customer received the goods on March 2. b. C. d. On February 26, Carla Vista Inc. shipped goods to Sunland FOB destination. The invoice price was $406 plus $38 for freight. The receiving report indicates that the goods were received by Sunland on March 2. Sunland had $580 of inventory at a customer's warehouse "on approval." The customer was going to let Sunland know whether it wanted the merchandise by the end of the week, March 4. Sunland also had $464 of inventory at a Sandhill craft shop, on consignment from Sunland. e. f. On February 26, Sunland ordered goods costing $870. The goods were shipped FOB shipping point on February 27. Sunland received the goods on March 1. On February 28, Sunland packaged goods and had them ready for shipping to a customer FOB destination. The invoice price was $406 plus $38 for freight; the cost of the items was $332. The receiving report indicates that S Sunland Limited is trying to determine the value of its ending inventory as of February 28, 2022, the company's year-end. The accountant counted everything that was in the warehouse as of February 28, which resulted in an ending inventory valuation of $55,680. However, she didn't know how to treat the following transactions so she didn't record them. For each of the above transactions, specify whether the item in question should be included in ending inventory, and if so, at what amount. For each item that is not included in ending inventory, indicate who owns it and what account, if any, it should have been recorded in. a. On February 26, Sunland shipped to a customer goods costing $928. The goods were shipped FOB shipping point, and the receiving report indicates that the customer received the goods on March 2. b. C. d. On February 26, Carla Vista Inc. shipped goods to Sunland FOB destination. The invoice price was $406 plus $38 for freight. The receiving report indicates that the goods were received by Sunland on March 2. Sunland had $580 of inventory at a customer's warehouse "on approval." The customer was going to let Sunland know whether it wanted the merchandise by the end of the week, March 4. Sunland also had $464 of inventory at a Sandhill craft shop, on consignment from Sunland. e. f. On February 26, Sunland ordered goods costing $870. The goods were shipped FOB shipping point on February 27. Sunland received the goods on March 1. On February 28, Sunland packaged goods and had them ready for shipping to a customer FOB destination. The invoice price was $406 plus $38 for freight; the cost of the items was $332. The receiving report indicates that S
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