In an annual audit of Solaro Company Limited, you find that a physical inventory count on December 31, 2020, showed merchandise of $441,000. You also discovered items were excluded from the $441,000 2 3 5 7 4 1. Merchandise of $61,000 is held by Solaro on consignment from BonBon Corporation 2. Merchandise costing $33,000 was shipped by Solaro f.o.b. destination to XYZ Ltd. on December 31, 2020. This merchandise was accepted by XYZ on January 6, 2021 3. Merchandise costing $46,000 was shipped fob shipping point to ABC Company on December 29, 6 2020. This merchandise was received by ABC on January 10, 2021 4. Merchandise costing $73,000 was shipped fob Destination from Wholesaler Inc. to Solaro on December 30, 2020. Solaro received the items on January 3, 2021 5. Merchandise costing $51,000 was shipped by Distributor Ltd. fo.b, shipping point on December 30, 2020, and received at Solaro's office on January 2, 2021 6. Solaro had excess inventory and incurred and additional $1,500 in storage costs due to delayed 9 shipment transaction (3) above 7. Solaro incurred $2,000 for interest expense on inventory it purchased through delayed payment plans in fiscal 2020 10 11 12 Instructions a) Based on the information provided above calculate the amount of inventory that should appear on 13. Solaro's December 31, 2020 balance sheet 14 8