First Bank is considering giving Carla Vista Co. a loan. First, however, it decides that it would be a good idea to have further discussions with Carla Vistas accountant. One area of particular concern is the inventory account, which has a December 31 balance of $ 282,000. Discussions with the accountant reveal the following: 1. The physical count of the inventory did not include goods that cost $ 92,000 that were shipped to Carla Vista, FOB shipping point, on December 27 and were still in transit at year end. 2. Carla Vista sold goods that cost $ 38,000 to Wildhorse, FOB destination, on December 28. The goods are not expected to arrive at their destination in India until January 12. The goods were not included in the physical inventory because they were not in the warehouse. 3. On December 31, Bramble had $ 31,000 of goods held on consignment for Carla Vista. The goods were not included in Carla Vistas ending inventory balance. 4. Carla Vista received goods that cost $ 27,500 on January 2. The goods were shipped FOB shipping point on December 26 by Flint. The goods were not included in the physical count. Determine the correct inventory amount at December 31.

The correct cost of inventory is:

Ending inventory - physical count $_____________________

Adjustments:

Add to inventory:

1. Title passed to Carla Vista when goods were shipped $_____________________

2. Title remains with Carla Vista until buyer receives goods $_____________________

3. Consignor ( Carla Vista) owns goods $_____________________

4. Title passed to Carla Vista when goods were shipped $_____________________

Total $_____________________