Maddox Specialty Company, a division of Lost World Inc., manufactures three models of gear shift components for bicycles that are sold to bicycle manufacturers, retailers, and catalog outlets. Since beginning operations in 1990, Maddox has used normal absorption costing and has assumed a first-in, first-out cost flow in its perpetual inventory system. The balances of the inventory accounts at the end of Maddoxs fiscal year, November 30, 2014, are shown below. The inventories are stated at cost before any year-end adjustments. Finished goods $681,730 Work in process 122,600 Raw materials 278,200 Factory supplies 73,800 The following information relates to Maddoxs inventory and operations. 1. The finished goods inventory consists of the items analyzed below. Cost Market Down tube shifter Standard model $ 72,400 $ 71,900 Click adjustment model 95,620 91,010 Deluxe model 114,500 111,700 Total down tube shifters 282,520 274,610 Bar end shifter Standard model 84,400 90,580 Click adjustment model 109,700 107,800 Total bar end shifters 194,100 198,380 Head tube shifter Standard model 78,310 77,940 Click adjustment model 126,800 129,100 Total head tube shifters 205,110 207,040 Total finished goods $681,730 $680,030 2. One-half of the head tube shifter finished goods inventory is held by catalog outlets on consignment. 3. Three-quarters of the bar end shifter finished goods inventory has been pledged as collateral for a bank loan. 4. One-half of the raw materials balance represents derailleurs acquired at a contracted price 20% above the current market price. The market value of the rest of the raw materials is $137,300. 5. The total market value of the work in process inventory is $118,630. 6. Included in the cost of factory supplies are obsolete items with an historical cost of $4,390. The market value of the remaining factory supplies is $71,200. 7. Maddox applies the lower-of-cost-or-market method to each of the three types of shifters in finished goods inventory. For each of the other three inventory accounts, Maddox applies the lower-of-cost-or-market method to the total of each inventory account. 8. Consider all amounts presented above to be material in relation to Maddoxs financial statements taken as a whole. (a) Prepare the inventory section of Maddoxs balance sheet as of November 30, 2015. (Round answers to 0 decimal places, e.g. 2,550.) Maddox Specialty Company Balance Sheet November 30, 2015 $ $ Link to Text Link to Text Question Atte