Coronado industries took a physical inventory on december 31 and determined that goods costing $180,500 were on hand. not included in the physical count were $27,000 of goods purchased from sunland company, fob, shipping point, and $20,000 of goods sold to bramble corp. for $32,000, fob destination. both the sunland purchase and the bramble sale were in transit at year-end. what amount should coronado report as its december 31 inventory?

Pear co.’s income statement for the year ended december 31, as prepared by pear’s controller, reported income before taxes of $125,000. the auditor questioned the following amounts that had been included in income before taxes: equity in earnings of cinn co. $ 40,000 dividends received from cinn 8,000 adjustments to profits of prior years for arithmetical errors in depreciation (35,000) pear owns 40% of cinn’s common stock, and no acquisition differentials are relevant. pear’s december 31 income statement should report income before taxes of