The unadjusted inventory balance of Ultim Corp. is $200,000 on December 31 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 $500 of merchandise inventory set aside for expected shipment to a customer. b. On December 31, the physical inventory excluded $2,000 of merchandise inventory out on consignment in a customer's showroom. c. On December 31, the physical inventory excluded $1,600 of merchandise held on consignment. common carrier on December 28 and is delivered to the customer 31. January 2 of next year. The merchandise was not included in the physical inventory count. f. A return to a vendor of merchandise for $2,000 was in transit on December 31 and was excluded from the physical inventory count. The merchandise was she shipping point on December 30 . Required Review items a through f and determine the adjusted inventory balance for year-end December 31. Adjusted inventory balance on December 31