五、Mason's Hardware Store prepared the following analysis of cost of goods sold for the previous three years: ( 30 % )
Net income for the years 2004, 2005, and 2006 was $70,000, $60,000，and $55,000, respectively. Since net income was consistently declining, Mr. Mason hired a new accountant to investigate the cause(s) for the declines. The accountant determined the following:
1. Purchases of $35,000 were not recorded in 2004.
2. The 2004 December 31 inventory should have been $29,000.
3. The 2005 ending inventory included inventory costing $8,000 that was purchased FOB destination and in transit at year end.
4. The 2006 ending inventory did not include goods costing $4,000 that were shipped on December 29 to Sampson Plumbing Company, FOB shipping point. The goods were still in transit at the end of the year.
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