Determine the proper inventory balance for Ayayai at December 31,2023

1. Ayayai uses the periodic method of recording inventory. A physical count reveals $234,000 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 $10,400 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 $7,300, 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 $8,000 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 $10,000 of inventory held by Ayayai 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 $18,000 on December 31. The cost of this merchandise was $11,000, and Kemp received the merchandise an January 5 . 8. Excluded from inventory was a carton labelled "Please accept for credit." This carton contained merchandise costing $1,500, which had been sold to a customer for $2,500. No entry had been made to the books to record the return, but none of the returned merchandise seemed damaged. 9. Ayayai sold $12,000 of inventory to Simply Corp. for $18,000 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 . Ayayai has never provided unlimited returns in the past and is not able to estimate the amount of any potential returns that Simply may make