California Inc., through no fault of its own, lost an entire plant due to an earthquake on May 1, 2021. In preparing its insurance claim on the inventory loss, the company developed the following data: Inventory January 1, 2021, $460,000; sales and purchases from January 1, 2021, to May 1, 2021, $1,270,000 and $935,000, respectively. California consistently reports a 35% gross profit. The estimated inventory on May 1, 2021, is: Multiple Choice O $571,300 $534,500 $569.500 $629,500. The Constance Corporation's inventory at December 31, 2021, was $130,000 (at cost) based on a physical count of inventory on hand, before any necessary adjustment for the following: Merchandise costing $20,000, shipped f.o.b. shipping point from a vendor on December 27, 2021, was received by Constance on January 5, 2022. Merchandise costing $50,000 was shipped to a customer f.o.b. shipping point on December 28, 2021, arrived at the customer's location on January 6, 2022. Merchandise costing $26,000 was being held on hand for Jess Company on consignment. Estimated sales returns are 15% of annual sales. Sales revenue was $560,000 with a gross profit ratio of 20%. What amount should Constance Corporation report as inventory in its December 31, 2021, balance sheet? Multiple Choice $221.200. O $171,200 O $223,325. O $191,200. O