Umatilla bank and trust is considering giving pohl company a loan. before doing so, it decides that further discussions with pohl company’s accountant may be desirable. one area of particular concern is the inventory account, which has a year-end balance of $275,000. discussions with the accountant reveal the following.

1. pohl company sold goods costing $55,000 to hemlock company fob shipping point on december 28. the goods are not expected to reach hemlock until january 12. the goods were not included in the physical inventory because they were not in the warehouse.
2. the physical count of the inventory did not include goods costing $95,000 that were shipped to pohl company fob destination on december 27 and were still in transit at year-end.
3. pohl company received goods costing $25,000 on january 2. the goods were shipped fob shipping point on december 26 by yanice co. the goods were not included in the physical count.
4. pohl company sold goods costing $51,000 to ehler of canada fob destination on december 30. the goods were received in canada on january 8. they were not included in pohl company physical inventory.