In your audit of Tony Company, you find that a physical inventory on December 31, 2017, showed… 1 answer below »

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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.

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