Dobler Company just took its physical inventory on December 31. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $312,000. In reviewing the details of the count and related inventory transactions, you have discovered the following items that had not been considered.
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1.
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Dobler has sent inventory costing $29,120 on consignment to Phillips Company. All of this inventory was at Phillips's showrooms on December 31.
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2.
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The company did not include in the count inventory (cost, $20,800) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31.
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3.
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The company did not include in the count inventory (cost, $13,520) that was purchased with terms of FOB shipping point. The goods were in transit on December 31.
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Compute the correct December 31 inventory.
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Correct December 31 inventory
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$
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