A physical count of inventory at December 31, 2018 revealed that Victory Enterprises had inventory on hand at that date

with a cost of 441,800. The annual audit identified that the following items were excluded from this amount:

Merchandise of 61,000 is held by Victory on consignment. The consignor is Genesis Company,

Merchandise costing 38,000 was shipped by Victory Enterprises FOB destination to a customer on December 31,

2018.

Merchandise costing 46,000 was shipped by Victory FOB shipping point to a customer on December 29, 2018.' The

customer was scheduled to receive the goods on January 6, 2019.

Merchandise costing 83,000 shipped by a vendor FOB destination on December 31, 2018 was received by Victory

on January 4, 2019.

Merchandise costing 51,000 purchased FOB shipping point was shipped by the supplier on December 31, 2018 and

received by Victory on January 5, 2019.

REQUIRED:

a. Calculate the amount that should appear as inventory on Victory Enterprise's statement of financial position

at December 31, 2018.

b. what is the journal entries necessary to adjust the inventory general ledger account to the amount

calculated in part (a).