thingy Ltd. had the following inventory situations to consider at March 31st, its year end. For each scenario, determine the amount (if any) to include in thingy's inventory balance at March 31st. If there is no amount to include in inventory at March 31st, enter "0."

Scenario 1

Inventory that is still in transit was shipped to a customer FOB shipping point on March 27th. The inventory was sold for $1,750 and cost $650.

Amount to include in inventory at March 31st: Answer

Scenario 2

Inventory that is still in transit was purchased FOB shipping point from a supplier on March 27th. The cost of this inventory is $800, and thingy plans on selling it for $1,800.

Amount to include in inventory at March 31st: Answer

Scenario 3

Thingy paid freight costs of $400 on inventory purchased from a supplier FOB shipping point.

Amount to include in inventory at March 31st: Answer

Scenario 4

Thingy holds inventory they are selling for Principal Ltd. on consignment. Principal shipped the inventory to thingy on February 23rd. At March 31st, thingy still has inventory from Principal that is selling for $8,300 and costs $5,400.

Amount to include in inventory at March 31st: Answer