In an annual audit of Whispering Winds Company Limited, you find that a physical inventory count on December 31, 2020, showed merchandise of $443,000. You also discover that the following items were excluded from the $443,000. 1. Merchandise of $61,700 is held by Whispering Winds on consignment from BonBon Corporation. 2. Merchandise costing $33,700 was shipped by Whispering Winds f.o.b. destination to XYZ Ltd. on December 31, 2020. This merchandise was accepted by XYZ on January 6, 2021. 3. Merchandise costing $46,300 was shipped f.o.b. shipping point to ABC Company on December 29, 2020. This merchandise was received by ABC on January 10, 2021. 4. Merchandise costing $73,300 was shipped f.o.b. destination from Wholesaler Inc. to Whispering Winds on December 30, 2020. Whispering Winds received the items on January 3, 2021. 5. Merchandise costing $51,400 was shipped by Distributor Ltd. f.o.b. shipping point on December 30, 2020, and received at Whispering Winds's office on January 2, 2021. 6. Whispering Winds had excess inventory and incurred an additional $1,430 in storage costs due to delayed shipment in transaction (3) above. 7. Whispering Winds incurred $2,180 for interest expense on inventory it purchased through delayed payment plans in fiscal 2020. (a) Based on the information provided above, calculate the amount of inventory that should appear on Whispering Winds's December 31, 2020 SFP. Amount of inventory $ 531,710