1. Sheffield Corp.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 $304,100. In reviewing the details of the count and related inventory transactions, you have discovered the following items that had not been considered. Sheffield has sent inventory costing $25,320 on consignment to Richfield Company. All of this inventory was at Richfield's showrooms on December 31. The company did not include in the count inventory (cost, $21,690) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. The company did not include in the count inventory (cost, $12,970) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. 2. 3. Compute the correct December 31 inventory. Correct December 31 inventory $