Keillor Company’s inventory of 1,100,000 at December 31, 2014, was based on a physical count of goods priced at cost before any year-end adjustments relating to the following items. (a)goods shipped from a vendor f. o.b. shipping point on December 31 ,2014, at an invoice cost of $69,000 to Keillor company were received on January 4, 2015.
(b) The physical count included $29,000 of goods billed to Sakic Corp. f. o.b. shipping point on December 31, 2014. The carrier picked up these goods on January 3, 2015.
What amount should Keillor report as inventory on its balance sheet?

In year 1, the bennetts' 25-year-old daughter, jane, is a full-time student at an out-of-state university but she plans to return home after the school year ends. in previous years, jane has never worked and her parents have always been able to claim her as a dependent. in year 1, a kind neighbor offers to pay for all of jane's educational and living expenses. which of the following statements is most accurate regarding whether jane's parents would be allowed to claim an exemption for jane in year 1 assuming the neighbor pays for all of jane's support? a.no, jane must include her neighbor's gift as income and thus fails the gross income test for a qualifying relative.b.yes, because she is a full-time student and does not provide more than half of her own support, jane is considered her parent's qualifying child.c.no, jane is too old to be considered a qualifying child and fails the support test of a qualifying relative.d.yes, because she is a student, her absence is considered as "temporary." consequently she meets the residence test and is a considered a qualifying child of the bennetts.