The total merchandise on hand at the end of the year as determined by taking a physical inventory is $62,000. Of the $62,000, $8,000 has been sold FOB destination and is awaiting pickup by the carrier. Based on the information above, the value to be reported for Inventory on the balance sheet is equal to $ QUESTION 28 The total merchandise inventory counted at the end of the year was $63,000. Purchases for $6,000 are in transit under FOB shipping point terms. Based on the information above, the value to be reported for Inventory on the balance sheet is equal to $ QUESTION 29 The total merchandise inventory counted at the end of the year was $75,000. Purchases for $5,000 are in transit under FOB destination terms. Based on the information above, the value to be reported for Inventory on the balance sheet is equal to $ QUESTION 30 Craig's Snowboards uses the perpetual inventory system and the gross method of accounting for sales, and had the following sales transactions during June: June 2 June 4 June 13 Sold merchandise to General Sports Store on credit for $4,800, terms 1/15, n/60. The items sold had a cost of $2,700. General Sports Store returned merchandise that had a selling price of $200. The cost of the merchandise returned was $110. General Sports Store paid for the merchandise sold on June 2 less the return, taking any appropriate discount earned. Record the journal entries on June 2. Craig's Snowboards uses the perpetual inventory system and the gross method of accounting for sales, and had the following sales transactions during June: June 2 June 4 June 13 Sold merchandise to General Sports Store on credit for $4,800, terms 1/15, n/60. The items sold had a cost of $2,700. General Sports Store returned merchandise that had a selling price of $200. The cost of the merchandise returned was $110. General Sports Store paid for the merchandise sold on June 2 less the return, taking any appropriate discount earned. Record the journal entries on June 4. QUESTION 32 Craig's Snowboards uses the perpetual inventory system and the gross method of accounting for sales, and had the following sales transactions during June: June 2 June 4 June 13 Sold merchandise to General Sports Store on credit for $4,800, terms 1/15, n/60. The items sold had a cost of $2,700. General Sports Store returned merchandise that had a selling price of $200. The cost of the merchandise returned was $110. General Sports Store paid for the merchandise sold on June 2 less the return, taking any appropriate discount earned. Record the journal entry on June 13.