Concord uses the periodic method of recording inventory. A physical count reveals $$234,700$ of inventory on hand at December $31,2023,$ although the books have not yet been adjusted to reflect the ending inventory.

$2.$

Not included in the physical count of inventory is $$10,700$ of merchandise purchased on December $15$ from Shamsi. This merchandise was shipped f$.$o$.$b$.$ shipping point on December $29$ and arrived in January. The invoice arrived and was recorded on December $31.$

$3.$ Included in inventory is merchandise sold to Sage on December $30,$ f$.$o$.$b$.$ destination. This merchandise was shipped after it was counted. The invoice was prepared and recorded as a sale on account for $$12,000$ on December $31.$ The merchandise cost $$7,400,$ and Sage received it on January $3.$

$4.$ Included in the count of inventory was merchandise received from Dutton on December $31$ with an invoice price of $$15,000.$

The merchandise was shipped f$.$o$.$b$.$ destination. The invoice, which has not yet arrived, has not been recorded.

$5.$ Not included in inventory is $$8,700$ of merchandise purchased from Growler Industries. This merchandise was received on December $31,$ after the inventory had been counted. The invoice was received and recorded on December $30.$

$6.$

Included in inventory was $$11,000$ of inventory held by Concord on consignment from Jackel Industries.

$7.$

Included in inventory was merchandise sold to Kemp, f$.$o$.$b$.$ shipping point. This merchandise was shipped after it was counted, on December $31.$ The invoice was prepared and recorded as a sale for $$18,900$ on December $31.$ The cost of this merchandise was $$11,700,$ and Kemp received the merchandise on January $5.$

$8.$

Excluded from inventory was a carton labelled "Please accept for credit." This carton contained merchandise costing $$2,300,$ which had been sold to a customer for $$3,200.$ No entry had been made to the books to record the return, but none of the returned merchandise seemed damaged.

$9.$

Concord sold $$12,400$ of inventory to Simply Corp. for $$22,000$ on account on December $15,2023.$ These items were shipped f$.$o$.$b$.$ shipping point. The terms of sale indicate that Simply Corp. will be permitted to return an unlimited amount until May $15,2024.$ Concord has never provided unlimited returns in the past and is not able to estimate the amount of any potential returns that Simply may make.Determine the proper inventory balance for Concord at December $31,2023.$

Inventory balance

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