inventory balance at year$-$end was $$636,400.$ However, the following information was not considered when determining that amount.

Included in the company's count were goods with a cost of $$196,080$ that the company is holding on consignment. The goods belong to Nader Corporation.

The physical count did not include goods purchased by Metlock with a cost of $$34,400$ that were shipped FOB shipping point on December $28$ and did not arrive at Metlock's warehouse $3$

terms were FOB shipping point. The goods had a selling price of $$34,400$ and a cost of $$24,940.$ The goods were not included in the count because they were sitting on the dock.

management would prefer to keep them on the books at cost$,$ "since that is what we paid for them, after all."

Prepare a schedule to determine the correct inventory amount.

Ending inventory$-$as reported $

Correct inventory

$