On 31 December 20X5, Office Systems Ltd.'s books showed an ending inventory valuation of $410,000. The accounts for 20x5 have been adjusted and closed. Subsequently, the bookkeeper prepared a schedule that showed that the inventory should be $501,250, not $434,000. 434,000 S a Merchandise in store (at 40% above cost) b. Merchandise purchased, in transit (shipped FOB destination, estimated freight, not included, $575), invoice price c. Merchandise held for later shipment to Davis Electronics sales price, 40% above cost (already billed to Davis Electronics) d. Merchandise out on consignment at sales price (cost $9,400) e. Merchandise office equipment) removed from the warehouse and now used in the company's marketing office (at cost) f. Merchandise out on approval, sales price = $7.750, cost = $3,100 10.500 14,700 18.800 15,500 7,750 501,250 Income tax rate = 30% Required: 1. Review the items making up the list of inventory. Compute the correct ending inventory amount Cost of Inventory: Corrected inventory, 31 December 20x5 $ 0