Exercise 8-02 In your audit of Paul White Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $469,720 was on hand at that date. You also discover the following items were all excluded from the $469,720. ed to receive the merchandise on January 6, 2021. 1. Merchandise of $58,750 which is held by White on consignment. The consignor is the Max Suzuki Company. 2. Merchandise costing $38,240 which was shipped by White f.o.b. destination to a customer on December 31, 2020. The customer was expected to receive the merchandise on January 6, 2021. 3. Merchandise costing $45,210 which was shipped by White f.o.b. shipping point to a customer on December 29, 2020. The customer was scheduled to receive the merchandise on January 2, 2021. 4. Merchandise costing $87,430 shipped by a vendor f.o.b. destination on December 30, 2020, and received by White on January 4, 2021. 5. Merchandise costing $53,140 shipped by a vendor f.o.b. shipping point on December 31, 2020, and received by White on January 5, 2021. Based on the above information, calculate the amount that should appear on White's balance sheet at December 31, 2020, for inventory. Inventory as on December 31, 2020 =