Sheridan company took a physical inventory on december 31 and determined that goods costing $222,000 were on hand. not included in the physical count were $35,000 of goods purchased from windsor, inc., fob, shipping point, and $21,000 of goods sold to bonita industries for $32,000, fob destination. both the windsor purchase and the bonita sale were in transit at year-end. what amount should sheridan report as its december 31 inventory?

Which of the following best explains how trade enables greater specialization among producers? a. trade diversifies the market by bringing specialized goods from around the world. b. trade requires distribution networks and adds one more step to the production process. c. trade enables producers to open up new markets for their goods and services. d. trade allows people to focus on one kind of production and trade for their other needs.