Exercise 8-2 In your audit of Leon Company, you find that a physical inventory on December 31, 2017, showed merchandise with a cost of $410,350 was on hand at that date. You also discover the following items were all excluded from the $410,350 1. Merchandise of $56,780 which is held by Leon on consignment. The consignor is the Max Suzuki Company. 2. Merchandise costing $34,860 which was shipped by Leon f..b. destination to a customer on December 31, 2017, The customer was expected to receive the merchandise on January 6, 2018. 3. Merchandise costing $48,360 which was shipped by Leon f..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 $74,950 shipped by a vendor f..b. destination on December 30, 2017, and received by Leon on January 4, 2018. 5. Merchandise costing $51,040 shipped by a vendor f.o.b. shipping point on December 31, 2017, and received by Leon on January 5, 2018. Based on the above information, calculate the amount that should appear on Leon's balance sheet at December 31, 2017, for inventory. Inventory as on December 31, 2017 Click if you would like to Show Work for this question: Open Show Work