Farley Bains, an auditor with Nolls CPAs, is performing a review of Skysong, Inc.$\text{'}$s Inventory account. Skysong, Inc. did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year$-$end was $$748,000.$ However, the following information was not considered when determining that amount.

Prepare a schedule to determine the correct inventory amount. $($If an amount reduces the account balance then enter with a negative sign preceding the number, e$.-15,000,$ or parenthesis e$.$g$.(15,000).$ Enter o if there is no effect.$)$

Ending inventory$-$as reported

$

Included in the company's count were goods with a cost of $$337,000$ that the company is holding on consignment. The goods belong to Nader Corporation.

The physical count did not include goods purchased by Skysong, Inc. with a cost of $$47,000$ that were shipped FOB shipping point on December $28$ and did not arrive at Skysong, Inc.$\text{'}$s warehouse until January $3.$

Included in the Inventory account was $$19,100$ 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 vere FOB shipping point. The goods had a selling price of $$47,000$ and a cost of $$34,500.$ The $7$ ods were not included in the count because they were sitting on the dock.

Included in the count was $$54,000$ of goods that were parts for a machine that the company no longer made. Given the high$-$tech nature of Skysong, Inci'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."

Correct inventory