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Crane Company is trying to determine the value of its ending inventory as at February 28, 2021, the company's year end. The accountant counted everything that was in the warehouse as at February 28, which resulted in an ending inventory valuation of $ 64,000. However, he was not sure how to treat the following transactions, so he did not include them in inventory: For each of the below transactions, specify whether the item should be included in ending inventory, and if so, at what amount. Crane Company shipped $ 860 of inventory on consignment to Sheridan Company on February 20. By February 28, Sheridan Company had sold $ 335 of this inventory for Crane. 1. 2. On February 28, Crane was holding merchandise that had been sold to a customer on February 25 but needed some minor alterations. The customer has paid for the goods and will pick them up on March 3 after the alterations are complete. This inventory cost $ 480 and was sold for $ 870. In Crane's warehouse on February 28 is $ 420 of inventory that Craft Producers shipped to Crane on consignment. 3. 4. On February 27, Crane shipped goods costing $ 930 to a customer and charged the customer $1,320. The goods were shipped FOB destination and the receiving report indicates that the customer received the goods on March 3. 5. On February 26, Teulon Company shipped goods to Crane, FOB shipping point. The invoice price was $360 plus $ 30 for freight. The receiving report indicates that the goods were received by Crane on March 2. Crane had $ 640 of inventory put aside in the warehouse. The inventory is for a customer who has asked that the goods be shipped on March 10. 6. On February 26, Crane issued a purchase order to acquire goods costing $765. The goods were shipped FOB destination. The receiving report indicates that Crane received the goods on March 2 7. 8. On February 26, Crane shipped goods to a customer, FOB shipping point. The invoice price was $ 360 plus $ 22 for freight. The cost of the items was $ 300. The receiving report indicates that the goods were received by the customer on March 4. What is the revised ending inventory valuation? Revised ending inventory valuation $

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