P6-1AKirk Limited is trying to determine the value of its ending inventory as of February 28, 2012, the company's year-end. The accountant counted everything that was in the warehouse, as of February 28, which resulted in an ending inventory valuation of 48,000. However, she didn't know how to treat the following transactions so she didn't record them.

Determine items and amounts to be recorded in inventory.

(SO 1), AN

(a)On February 26, Kirk shipped to a customer goods costing 800. The goods were shipped FOB shipping point, and the receiving report indicates that the customer received the goods on March 2. Should not be included in inventory, the legal right is of buyer.

(b)On February 26, Seller Inc. shipped goods to Kirk FOB destination. The invoice price was 350 plus 25 for...