In your audit of David Davis Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $475,980 was on hand at that date. You also discover the following items were all excluded from the $475,980. 1. Merchandise of $55,850 which is held by Davis on consignment. The consignor is the Max Suzuki Company. 2. Merchandise costing $36,110 which was shipped by Davis f.o.b. destination to a customer on December 31, 2020. The customer was expected to receive the merchandise on January 6, 2021. 3. Merchandise costing $42,790 which was shipped by Davis f.o.b. shipping point to a customer on December 29, 2020. The customer was scheduled to receive the merchandise on January 2, 2021. 4. Merchandise costing $86,610 shipped by a vendor f.o.b. destination on December 30, 2020, and received by Davis on January 4, 2021. 5. Merchandise costing $46,090 shipped by a vendor f.o.b. shipping point on December 31, 2020, and received by Davis on January 5, 2021. Based on the above information, calculate the amount that should appear on Davis's balance sheet at December 31, 2020, for inventory. Inventory as on December 31, 2020 502,330