Your audit of Garza Company, you find that a physical inventory on December 31, 2012, showed merchandise with a cost of $441000 was on hand at that date. You also discover the following items were all excluded from the $441,000.
1. Merchandise of $61,000 which is held by Garza on connsignment. The consignor is the Bontemps Company.
Based on the above information, calculate the amount that should appear on Garza's balance sheet at December 31, 2012, for inventory.