In your audit of Tony Company, you find that a physical inventory on December 31, 2017, showed merchandise with a cost of $480,770 was on hand at that date. You also discover the following items were all excluded from the $480,770.
|1.||Merchandise of $61,520 which is held by Tony on consignment. The consignor is the Max Suzuki Company.|
|2.||Merchandise costing $36,000 which was shipped by Tony f.o.b. destination to a customer on December 31, 2017. The customer was expected to receive the merchandise on January 6, 2018.|
|3.||Merchandise costing $49,580 which was shipped by Tony f.o.b. shipping point to a customer on December 29, 2017. The customer was scheduled to receive the merchandise on January 2, 2018.|
|4.||Merchandise costing $90,200 shipped by a vendor f.o.b. destination on December 30, 2017, and received by Tony on January 4, 2018.|
|5.||Merchandise costing $49,250 shipped by a vendor f.o.b. shipping point on December 31, 2017, and received by Tony on January 5, 2018.|
Based on the above information, calculate the amount that should appear on Tony’s balance sheet at December 31, 2017, for inventory.