Sterling Company reported their inventory as $ on the books at December

At the close of the year, the auditors came in and identified the

following issues:

i Product shipped to a customer December fob shipping point

costing $ was not received by the customer until January The

product was not included in the inventory balance because it was not in

the warehouse.

ii Samples costing $ were delivered to a client for review on December

They are to be returned on January They were not

included in inventory because they were not in the warehouse.

iii. Purchases of product in the amount of $ were in transit as of

December They had been shipped fob shipping point. They

were not included in inventory because they were not in the warehouse.

iv Product shipped to a customer December fob destination cost

$ It was not received by the customer until January The

product was not included in the inventory because it was not in the

warehouse.

Required:

Compute the correct inventory at December