Given the following items and costs as of the balance sheet date, determine the value of faltron company's merchandise inventory. $1,000 of goods sold by faltron to another company are in transit and shipping terms are fob destination. $2,000 of goods sold by another company to faltron are in transit and shipping terms are fob destination. $3,000 of goods owned by faltron are in the possession of a consignee. damaged goods owned by faltron that originally cost $4,000 now have a $500 net realizable value.