HBD Limited counted its inventory on September 30, the business's year end. It was determined that the value of the ending inventory was $77,000. After looking over the inventory orders and sales for the end of September the accountant discovered that there were 2 inventory orders from a supplier in transit at September 30. The first shipment cost $9,500 and it was shipped on September 29, terms FOB destination. The second shipment cost $3,250 and it was shipped on September 28, terms FOB shipping point. The accountant also looked at sales. There were also 2 sales at the end of September that were in transit to customers. The first was shipped out on September 29. It included inventory costing $10,350, terms FOB shipping point. The second was shipped out on September 29 also. It was for inventory costing $3,200, terms FOB destination. None of these shipments were included in the inventory count as they had either not been received as yet or already shipped out when the count was completed. Determine the corrected inventory amount at September 30. In addition, assume that HBD plans to ask the bank for a loan. Why would having an accurate inventory value on the financial statements be important to an external stakeholider such as the bank? Calculation: Explanation