The cash records of Flanders Company show the following: In October, deposits per the bank statement totaled 65,300: deposits per books 53,400; and deposits in transit at October 31 were 4,550. In October, cash disbursements per books were 21,200: checks clearing the bank were 28,900; and outstanding checks at October 31 were 6.200. There were no bank debit or credit memoranda and no errors were made by either the bank or Flanders Company. Answer the following questions: (a) What were the deposits in transit at September 30? (b) What were the outstanding checks at September 30? (a) (b) Merchandise inventory is A. reported as a current asset on the statement of financial position. B. reported under the classification of Property, Plant, and Equipment on the statement of financial position. C. generally valued at the price for which the goods can be sold. D. often reported as a miscellaneous expense on the income statement