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In your audit of Leon Company, you find that a physical inventory on December 31, 2017, showed merchandise with a cost of $464,070 was on

In your audit of Leon Company, you find that a physical inventory on December 31, 2017, showed merchandise with a cost of $464,070 was on hand at that date. You also discover the following items were all excluded from the $464,070.

1. Merchandise of $64,310 which is held by Leon on consignment. The consignor is the Max Suzuki Company.
2. Merchandise costing $37,350 which was shipped by Leon 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 $48,300 which was shipped by Leon 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 $82,650 shipped by a vendor f.o.b. destination on December 30, 2017, and received by Leon on January 4, 2018.
5. Merchandise costing $51,590 shipped by a vendor f.o.b. shipping point on December 31, 2017, and received by Leon on January 5, 2018.

Based on the above information, calculate the amount that should appear on Leons balance sheet at December 31, 2017, for inventory.

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