*Exercise 6-2 Gatineau Bank is considering giving Culver Corporation a short-term bank loan. Before doing so, it decides that further discussions with Culver's accountant may be desirable. One area of particular concem is the inventory account, which according to a recent physical Inventory count has a balance of $285,600 at December 31. This count agreed with the accounting records. Discussions with the accountant reveal the following: 1. Culver sold goods costing $34,100 to India-based Moghul Company, FOB destination, on December 28. The goods are not expected to arrive in India until January 12. The goods were not included in the physical inventory count, because they were not in the warehouse. 2. The physical inventory count did not include goods costing $86,600 that were shipped to Culver, FOB shipping point, on December 27 and were still in transit at year end. 3. Culver received goods costing $29,200 on January 2. The goods were shipped FOB shipping point on December 26 by Cellar Corp. The goods were not included in the physical inventory count. 4. Culver sold goods costing $51,600 to United Kingdom-based Sterling of Britain Ltd., FOB shipping point, on December 30. The goods were received by Sterling on January 8. They were not included in Culver's physical inventory count. 5. On December 31, Schiller Corporation had $28,400 of goods held on consignment for Culver. The goods were not included in the physical inventory count. 6. Included in the physical inventory count were 515,600 of parts for outdated products that the company had not been able to sell. It is unlikely that these obsolete parts will have any other use. (a) Determine the correct Inventory amount on December 31. (Record the transactions in the order presented in the problem. If an amount reduces the account balance then enter with negative sign preceding the number 6.9. -45 or parentheses e.g. (45). If the transaction has "NO EFFECT ON INVENTORY", enter o for the amount.) Ending inventory physical counts Correct inventory