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Valuation of InventoryReddall Company has a fiscal year that ends on December 3 1 . The inventory on hand at the end of the year

Valuation of InventoryReddall Company has a fiscal year that ends on December 31. The inventory on hand at the end of the year is valued at a cost of $95,000. The following items were not included in this inventory:1. Purchased goods in transit, under terms FOB shipping point, invoice price $4,000, freight costs $250.2. Goods out on consignment to Marlman Company, sales price $5,600, cost of goods $3,000, shipping costs $300.3. Goods sold to Grina Co. under terms FOB destination, invoiced for $1,900(which included $178 freight charges to deliver the goods) and have a cost of $1,230. Goods are in transit.4. Goods held on consignment by Reddall at a sales price of $2,700 which included sales commission of 20% of sales price.5. Purchased goods in transit, shipped FOB destination, invoice price $2,100 which included freight charges of $190.Required:Determine the cost of the ending inventory that Reddall should report on its December 31 balance sheet.

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