Tri-State Bank and Trust is considering giving Swifty Company a loan. Before doing so, management decides that further discussions with Swifty's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $310,000. Discussions with the accountant reveal the following. 1. Swifty shipped goods costing $36.000 to Lilje Company, FOB shipping point, on December 28. The goods are not expected to arrive at Lilje until January 12. The goods were not included in the physical inventory because they were not in the warehouse. 2. The physical count of the inventory did not include goods costing $92,000 that were shipped to Swifty FOB destination on December 27 and were still in transit at year-end. 3. Swifty received goods costing $20,000 on January 2. The goods were shipped FOB shipping point on December 26 by Brent Co. The goods were not included in the physical count. 4. Swifty shipped goods costing $35,000 to Jesse Co., FOB destination, on December 30. The goods were received at Jesse on January 8. They were not included in Swifty's physical inventory. 5. Swifty received goods costing $41,000 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was induded in the ending inventory of $310,000. Determine the correct inventory amount on December 31. Correct inventory $Sheridan Co. uses a periodic inventory system. Its records show the following for the month of May, in which 73 units were sold. Units Unit Cost Total Cost May 1 Inventory 30 $8 $240 15 Purchases 29 11 319 24 Purchases 36 12 432 Totals 95 $991 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 Cost of goods sold 5 eTextbook and Media