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Sheridan Company is trying to determine the value of its ending inventory as at February...

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Accounting

Sheridan Company is trying to determine the value of its ending inventory as at February 29,2024, the company's year end. The
accountant counted everything that was in the warehouse as at February 29, which resulted in an ending inventory valuation of
$67,000. However, he was not sure how to treat the following transactions, so he did not include them in inventory:
(a)
For each of the below transactions, specify whether the item should be included in ending inventory, and if so, at what amount.
Sheridan Company shipped $860 of inventory on consignment to
Crane Company on February 20. By February 29, Crane Company
had sold $360 of this inventory for Sheridan.
On February 29, Sheridan was holding merchandise that had
been sold to a customer on February 25 but needed some minor
alterations. The alterations have been performed. The customer
has paid for the goods and will pick them up on March 3. This
inventory cost $500 and was sold for $880.
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