Determining Merchandise to be included or Excluded from Ending Inventory The unadjusted inventory balance of Ultim Corp. is $180,000 on December 31, 2020, based on a physical inventory count. The following items must be considered before the inventory valuation is finalized. a. On December 31, the physical inventory excluded $450 of merchandise inventory set aside for shipment to a customer, which has not yet shipped. b. On December 31, the physical inventory excluded $1,800 of merchandise inventory out on consignment in the customers' showrooms. c. On December 31, the physical inventory excluded $1,440 of merchandise held on consignment. d. $1,350 of in-transit merchandise was shipped f.o.b. shipping point to a customer and was excluded from the physical inventory count. The merchandise was turned over to a common carrier on December 28, 2020, and is expected to arrive at the customer on January 2, 2021. e. Ultim Corp. ordered merchandise on December 26, 2020. The merchandise ($1,440) was shipped to Ultim Corp. f.o.b. shipping point, and was expected to arrive January 2, 2021. The merchandise was not included in the physical inventory count. f. A return to a vendor of merchandise for $1,800 was in-transit on December 31, 2020, and was excluded from the physical inventory count. The merchandise was shipped f.o.b. destination on December 30, 2020. Required Considering items a through f, determine the adjusted inventory balance for Ultim Corp. Adjusted inventory balance on December 31, 2020: $