In your audit of Alan Company, you find that a physical inventory on December 31, 2017, showed merchandise with a cost of $397,710 was on hand at that date. You also discover the following items were all excluded from the $397,710. 1. Merchandise of $63,390 which is held by Alan on consignment. The consignor is the Max Suzuki Company. 2. Merchandise costing $41,060 which was shipped by Alan f.o.b. destination to a customer on December 31, 2017. The customer was expected to receive the merchandise on January 6, 2018. 3. Merchandise costing $41,540 which was shipped by Alan f.o.b. shipping point to a customer on December 29, 2017 The customer was scheduled to receive the merchandise on January 2, 2018. 4. Merchandise costing $85,920 shipped by a vendor f..b. destination on December 30, 2017, and received by Alan on January 4, 2018. s. Merchandise costing $55,080 shipped by a vendor f.o.b. shipping point on December 31, 2017, and received by Alan on January 5, 2018. Based on the above information, calculate the amount that should appear on Alan's balance sheet at December 31, 2017, for inventory. Inventory as on December 31, 2017