The unadjusted inventory balance of Sara Ann Corp. is $400,000 on December 31, 2020, based on a physical inventory count. The following items must be considered before the inventory valuation is finalized. a. On December 31, the physical inventory excluded $400 of merchandise inventory shipped to Sara Ann Corp. from a vendor f.o.b. shipping point that arrived on January 1, 2021. b. On December 31, the physical inventory excluded $14,400 of merchandise inventory held on consignment by a customer. Sara Ann Corp. is the consignor. c. On December 31, the physical inventory excluded $640 of merchandise held on consignment. The consignor is Sara Ann's largest vendor. d. $14,400 of in-transit merchandise was shipped f.o.b. destination to a customer and was excluded from the physical inventory count. The merchandise was shipped on December 28, 2020, and arrived at the customer on December 31, 2020. e. Goods are in-transit from a vendor to Sara Ann on December 31, 2020. The invoice cost was $9,600 and the goods were shipped f.o.b. destination on December 28, 2020. The merchandise was excluded from the physical inventory count because they had not been delivered. f. Merchandise with a cost of $240 is held in the receiving department for return. The merchandise was included from the physical inventory count. Required Considering items a through f, determine the adjusted inventory balance for Sara Ann Corp. Adjusted inventory balance on December 31, 2020: $ 424,000