Flip Company sells TVs. The perpetual inventory was stated as $38,500 on the books at December 31, 2014. At the close of the year, a new approach for compiling inventory was used and apparently a satisfactory cut-off for preparation of financial statements was not made. Some events that occurred are as follows. a. TVs shipped to a customer January 2, 2015, costing $5,000 were included in inventory at December 31, 2014. The sale was recorded in 2015. b. TVs costing $12,000 received December 30, 2014, were recorded as received on January 2, 2015. c. TVs received during 2014 costing $4,600 were recorded twice in the inventory account. d. TVs shipped to a customer December 28, 2014, f.o.b. shipping point, which cost $9,000, were not received by the customer until January, 2015. The TVs were included in the ending inventory. e. TVs on hand that cost $6,100 were never recorded on the books.

Instructions: Compute the correct inventory at December 31, 2014.