The December 31, 2019, year-end inventory balance of the Dlonra Company is $420,000. You have been asked to review the following transactions to determine if they have been correctly recorded. Show calculation to confirm answer the question. 1. Included in the year-end inventory balance was $40,000 of inventory damage by water that cannot be sold. 2. Materials purchased from a supplier and shipped to Dlonra f.o.b. destination on December 28, 2019, were received on January 2, 2020. The invoice cost of $80,000 is included in the preliminary inventory balance. 3. At year-end, Dlonra had $22,000 of merchandise on consignment from the Fatama Company. This merchandise is not included in the preliminary inventory balance. 4. On December 29, merchandise costing $34,000 was shipped to a customer f.o.b. shipping point and arrived at the customer's location on January 3, 2020. The merchandise is is included in the preliminary inventory balance