The Kwok Companys inventory balance on December 31, 2021, was $210,000 (based on a 12/31/2021 physical count) before considering the following transactions:

Goods shipped to Kwok f.o.b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $39,000.

Goods shipped to Kwok f.o.b. shipping point on December 28, 2021, were received on January 5, 2022. The invoice cost was $26,000.

Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2021, were received by the customer on January 3, 2022. The sales price was $49,000 and the merchandise cost $31,000.

Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2021, were received by the customer on December 30, 2021. The sales price was $29,000 and the merchandise cost $22,000.

Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2021, were received by the customer on January 4, 2022. The sales price was $34,000 and the merchandise cost $21,000.