In your audit of Garza Company, you find that a physical inventory on December 31, 2022, showed merchandise with a cost of $441,000 was on hand at that date. You also discover the following items were all excluded from the $441,000.

1. Merchandise of $61,000 which is held by Garza on consignment. The consignor is the Bontemps Company.

2. Merchandise costing $33,000 which was shipped by Garza f.o.b. destination to a customer on December 31, 2022. The customer was expected to receive the merchandise on January 6, 2023.

3. Merchandise costing $46,000 which was shipped by Garza f.o.b. shipping point to a customer on December 29, 2022. The customer was scheduled to receive the merchandise on January 2, 2023.

4. Merchandise costing $73,000 shipped by a vendor f.o.b. destination on December 30, 2022, and received by Garza on January 4, 2023.

5. Merchandise costing $51,000 shipped by a vendor f.o.b. shipping point on December 31, 2022, and received by Garza on January 5, 2023.

Required:

Based on the above information, calculate the amount that should appear on Garzas statement of financial position at December 31, 2022, for inventory.