Sunland Company took a physical inventory on December 31 and determined that goods costing $631,000 were on hand. Not included in the physical count were $9,000 of goods purchased from Blossom Corporation, f. o.b. shipping point, and $31,000 of goods sold to Ro-Ro Company for $37,000, f. o.b. destination. Both the Blossom purchase and the Ro-Ro sale were in transit at year-end. What amount should Sunland report as its December 31 inventory

On january 1, 2017, pharoah company issued 10-year, $2,020,000 face value, 6% bonds, at par. each $1,000 bond is convertible into 16 shares of pharoah common stock. pharoah’s net income in 2017 was $317,000, and its tax rate was 40%. the company had 97,000 shares of common stock outstanding throughout 2017. none of the bonds were converted in 2017. (a) compute diluted earnings per share for 2017. (round answer to 2 decimal places, e.g. $2.55.) diluted earnings per share