In your audit of Tony Company, you find that a physical inventory on December 31, 2017, showed merchandise with a cost of $400,580 was on hand at that date. You also discover the following items were all excluded from the $400,580. 1. Merchandise of $58,240 which is held by Tony on consignment. The consignor is the Max Suzuki Company 2. Merchandise costing $40,130 which was shipped by Tony 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 c 50,570 which was shipped by Tony 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 $89,290 shipped by a vendor f.o.b. destination on December 30, 2017, and received by Tony on January 4, 2018. 5. Merchandise costing $48,260 shipped by a vendor f.o.b. shipping point on December 31, 2017, and received by Tony on January 5, 2018 Based on the above information, calculate the amount that should appear on Tony's balance sheet at December 31, 2017, fo inventory Inventory as on December 31, 2017