Farley Bains, an auditor with Nolls CPAs, is performing a review of Monty Company's Inventory account. Monty did not have a good Prepare a schedule to determine the correct inventory amount. $($Enter negative amounts using either a negative sign preceding the number

e$.$g$.-45$ or parentheses e$.$g$.(45).)$

Ending inventory$-$as reported

$

Correct inventory

year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year$-$end was

$$769,600.$ However, the following information was not considered when determining that amount.

Included in the company's count were goods with a cost of $$237,120$ that the company is holding on consignment. The goods

belong to Nader Corporation.

The physical count did not include goods purchased by Monty with a cost of $$41,600$ that were shipped FOB shipping point

on December $28$ and did not arrive at Monty's warehouse until January $3.$

Included in the Inventory account was $$17,680$ of office supplies that were stored in the warehouse and were to be used by

the company's supervisors and managers during the coming year.

The company received an order on December $29$ that was boxed and was sitting on the loading dock awaiting pick$-$up on

December $31.$ The shipper picked up the goods on January $1$ and delivered them on January $6.$ The shipping terms were FOB

shipping point. The goods had a selling price of $$41,600$ and a cost of $$30,160.$ The goods were not included in the count

because they were sitting on the dock.

Included in the count was $$52,000$ of goods that were parts for a machine that the company no longer made. Given the high$-$

tech nature of Monty's products, it was unlikely that these obsolete parts had any other use. However, management would

prefer to keep them on the books at cost$,$ "since that is what we paid for them, after all."

Prepare a schedule to determine the correct inventory amount. $($Enter negative amounts using either a negative sign preceding the number

e$.$g$.-45$ or parentheses e$.$g$.(45).)$