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Question-3 Queens Limited is trying to determine the value of its ending inventory at February 28, 2008, 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- a) On February 28, Queens packaged goods and had them ready for shipping to a customer FOB destination. The invoice price was $350; the cost of the items was $250. The receiving report indicates that the goods were received by the customer on March 2. b) On February 26, Seller Inc. shipped goods to Queens FOB shipping point. The invoice price was $350, the cost of the items was $150. As the goods were in transit, the receiving report indicates that the goods were received by appropriate party on March 2. c) Queens also had $400 of inventory on consignment of Jasper craft shop till 3rd March. Instruction: For each of the above transactions, specify whether the item in question should be included in ending inventory, indicate who owns it? (3*2m=6 marks) Question-4 3/1 60 3/4 Vaxo Company sells many products. Tyre is one of its popular items. Below is an analysis of the inventory purchases and sales of tyre for the month of March. Vaxo Company uses the periodic inventory system. Purchases Sales Units Unit Cost Units Selling Price Unit Beginning inventory 100 $40 3/3 Purchase $50 Sales 70 $80 3/10 Purchase 200 $55 3/16 Sales $90 3/19 Sales $90 3/25 Sales $90 3/30 Purchase 40 $60 Instruction: Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (Show calculations) (4 marks) 80 60 40