Kale Wilson, an auditor with Sneed Chartered Accountants, is performing a review of Blossom Company's inventory account. Blossom did not have a good year and top management is under pressure to boost reported income. According to its records, the inventory balance at year end was 743,000. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (If an amount reduces the account balance then enter with a negative sign preceding the number, eg.-15,000, or parenthesis e.g. (15,000).) Ending inventory-as reported 743000 1. Included in the company's count were goods with a cost of 226,500 that the company is holding on consignment. The goods belong to Superior, Ltd. -226500 2. 36000 The physical count did not include goods purchased by Blossom with a cost of 36,000 that were shipped FOB destination on December 28 and did not arrive at Blossom's warehouse until January 3. 3. 3. -18500 Included in the inventory account was 18.500 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year. 4 35000 The company received an order on December 29 that was boxed and was sitting on the loading dock awaiting pick-up on December 31. The shipper picked up the goods on January 1 and delivered them on January 6. The shipping terms were FOB shipping point. The goods had a selling price of 49,000 and a cost of 35,000. The goods were not included in the count because they were sitting on the dock. 5. -49000 Included in the count was 49,000 of goods that were parts for a machine that the company no longer made. Given the high-tech nature of Blossom's products, it was unlikely that these obsolete parts had any other use. However, management would prefer to keep them on the books at cost, "since that is what we paid for them, after all." Correct inventory 520000