2 ILO2) EXCEL (Inventoriable Goods and Costs) In your audit of lose Oliva Company, you find that a physical inven- on December 31, 2017, showed merchandise with a cost of $441,000 was on hand at that date. You also discover the follow- ing items were all excluded from the $441,000. 1. Merchandise of $61,000 which is held by Oliva on consignment. The consignor is the Max Suzuki Company 2. Merchandise costing $38,000 which was shipped by Oliva f.o.b. destination to a customer on December 31, 2017. The cus- tomer was expected to receive the merchandise on January 6, 2018 Merchandise costing $46,000 which was shipped by Oliva f.o.b, shipping point to a customer on December 29, 2017. The customer was scheduled to receive the merchandise on January 2, 2018. 4. Merchandise costing $83,000 shipped by a vendor f.o.b. destination on December 30, 2017, and received by Oliva on Janu- ary 4, 2018 5. Merchandise costing $51,000 shipped by a vendor f.o.b. shipping point on December 31, 2017, and received by Oliva on January 5, 2018 124 Chapter 8 Valuation of Inventories: A Cost-Basis Approach Instructions Based on the above information, calculate the amount that should appear on Oliva's balance sheet at December 31, 2017, for inventory