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 Fatarna 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. Required Determine the correct Inventory amount to be reported in Dlonra 2019 balance sheet