warehouse P6-1B Kananaskis Country Company is trying to determine the value of its ending inventory as Identify items at February 29, 2008, the company's year end. The accountant counted everything that was in the (SO 1) AP be was not sure how to treat the following transactions, so he did not include them in inventory: as at February 29, which resulted in an ending inventory valuation of $65,000. However, tomer $1,300. The goods were shipped FOB destination and the receiving report indicates that the customer received the goods on March 3. 2 On February 26, Seller Company shipped goods to Kananaskis, FOB shipping point. The in- voice price was $375 plus $30 for freight. The receiving report indicates that the goods were received by Kananaskis on March 2. 3. Kananaskis had $630 of inventory put aside in the warehouse. The inventory is for a customer who has asked that the goods be shipped on March 10. 4. Also in Kananaskis' warehouse is $400 of inventory that Craft Producers shipped to Kananaskis on consignment. 5. On February 26, Kananaskis issued a purchase order to acquire goods costing $750. The goods were shipped FOB destination. The receiving report indicates that Kananaskis received the goods on March 2. 6. On February 26, Kananaskis shipped goods to a customer, FOB shipping point. The invoice price was $350 plus $25 for freight. The cost of the items was $280. The receiving report indi- cates that the goods were received by the customer on March 2. 7. On February 29, Kananaskis was holding merchandise that had been sold to a customer on February 25 but needed some minor alterations before the customer would take possession. The customer has paid for the goods and will pick them up on March 3 after the alterations are complete. This inventory cost $490 and was sold for $880. 8. Kananaskis shipped $875 of inventory on consignment to Banff Company on February 20. By February 29, Banff Company had sold $365 of this inventory for Kananaskis.