In an annual audit of Sheffield Company Limited, you find that a physical inventory count on December 31, 2023, showed merchandise of $449,000. You also discover that the following items were excluded from the $449,000: 1. Merchandise of $60,300 is held by Sheffield on consignment from BonBon Corporation. 2. Merchandise costing $33,100 was shipped by Sheffield f.o.b. destination to XYZ Ltd. on December 31, 2023. This merchandise was accepted by XYZ on January 6, 2024. 3. Merchandise costing $46,900 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 $73,500 was shipped f.o.b. destination from Wholesaler Inc. to Sheffield on December 30, 2023. Sheffield receive