Slone Company sells TVs. The perpetual inventory was stated as $30,500 on the books at December 31, 2004. At the close of the year, a new approach for compiling inventory was used and apparently a satisfactory cut-off for preparation of financial statements was not made. Some events that occurred are as follows.

1. TVs shipped to a customer January 2, 2005, costing $5,000 were included in inventory at December 31, 2004. The sale was recorded in 2005.

2. TVs costing $10,000 received December 30, 2004, were recorded as received on January 2, 2005.

3. TVs received during 2004 costing $4,600 were recorded twice in the inventory account.

4. TVs shipped to a customer December 28, 2004, f.o.b. shipping point, which cost $15,000, were not received by the customer until January, 2005. The TVs were included in the ending inventory.

5. TVs on hand that cost $6,100 were never recorded on the books.

Instructions

Compute the correct inventory at December 31, 2004.