In an annual audit of Novak Company Limited, you find that a physical inventory count on December 31,2023 , showed merchandise of $446,000. You also discover that the following items were excluded from the $446,000 : 1. Merchandise of $61,900 is held by Novak on consignment from BonBon Corporation. 2. Merchandise costing $32,200 was shipped by Novak f.o.b. destination to XYZ Ltd. on December 31,2023 . This merchandise was accepted by XYZ on January 6, 2024. 3. Merchandise costing $45,900 was shipped f.o.b. shipping point to ABC Company on December 29, 2023. This merchandise was received by ABC on January 10 , 2024. 4. Merchandise costing $72,200 was shipped f.o.b. destination from Wholesaler Inc. to Novak on December 30, 2023 . Novak received the items on January 3, 2024 . 5. Merchandise costing $50,600 was shipped by Distributor Ltd. f.o.b. shipping point on December 30, 2023, and received at Novak's office on January 2,2024. 6. Novak had excess inventory and incurred an additional $1,420 in storage costs due to delayed shipment in transaction (3) above. 7. Novak incurred $2,130 for interest expense on inventory it purchased through delayed payment plans in fiscal 2023. (a) Based on the information provided above, calculate the amount of inventory that should appear on Novak's December 31, 2023 SFP. Amount of inventory $