1. In your audit of Sohar Company, you find that a physical inventory on December 31, 2019, showed merchandise with a cost of OMR 550,000 was on hand at that date. You also discover the following items were all excluded from the OMR 550,000. 1- Merchandise of OMR 61,000 which is held by Sohar on consignment. The consignor is the Muscat Company. 2- Merchandise costing OMR 33,000 which was shipped by Sohar f.o.b. shipping point to a customer on December 31, 2019. The customer was expected to receive the merchandise on January 6, 2020. 3- Merchandise costing OMR 46,000 which was shipped by Sohar f.o.b. destination to a customer on December 29, 2019. The customer was scheduled to receive the merchandise on January 2, 2020. 4- Merchandise costing OMR 60,000 shipped by a vendor f.o.b. shipping point on December 31, 2019, and received by Sohar on January 5, 2020. Instructions Based on the above information, calculate the amount that should appear on Garza's statement of financial position at December 31, 2019, for inventory