Exercise 8-2 cost of $439,670 was on hand at that date In your audit of Chris Company, you find that a physical inventory on December 31, 2017, showed merchandise with You also discover the following items were all excluded from the $439,670. 1. Merchandise of $65,330 which is held by Chris on consignment. The consignor is the Max Suzuki Company. 2. Merchandise costing $39,870 which was shipped by Chris f.o.b. destination to a customer on December 31, 2017. The customer was expected to receive the merchandise on January 6, 2018 3. Merchandise costing $46,390 which was shipped by Chris f.o.b. shipping point to a customer on December 29, 2017. The customer was scheduled to receive the merchandise on January 2, 2018. 4. Merchandise costing $77,210 shipped by a vendor f.o.b. destination on December 30, 2017, and received by Chris on January 4, 2018 5. Merchandise costing $49,210 shipped by a vendor f.o.b. shipping point on December 31, 2017, and received by Chris on January 5, 2018. Based on the above information, calculate the amount that should appear on Chris's balance sheet at December 31, 2017, for inventory. Inventory as on December 31, 2017