1.Pharoah Company sells TVs. The perpetual inventory was stated as $37,200 on the books at December 31, 2020. At the close of the year, a new approach for compiling inventory was used and apparently a satisfactory cut-off for preparation of financial statements was not made. Some events that occurred are as follows.

1. TVs shipped to a customer January 2, 2021, costing $5,000 were included in inventory at December 31, 2020. The sale was recorded in 2021.

2. TVs costing $15,800 received December 30, 2020, were recorded as received on January 2, 2021.

3. TVs received during 2020 costing $4,900 were recorded twice in the inventory account.

4. TVs shipped to a customer December 28, 2020, f.o.b. shipping point, which cost $10,900, were not received by the customer until January, 2021. The TVs were included in the ending inventory.

5. TVs on hand that cost $6,300 were never recorded on the books.

Compute the correct inventory at December 31, 2020.