View Policies Current Attempt in Progress Kari Downs, an auditor with Wheeler CPAs, is performing a review of Lily Company's inventory account. Lily did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $744,000. However, the following information was not considered when determining that amount. (a1) Prepare a schedule to determine the correct inventory amount. (If an amount reduces the account balance then enter with a negative sign preceding the number, e.g. -15,000, or parenthesis e.g. (15,000). Enter O if there is no effect.) Ending inventory-as reported 1. Included in the company's count were goods with a cost of $244,000 that the company is holding on consignment. The goods belong to Kroeger Corporation. 2. The physical count did not include goods purchased by Lily with a cost of $42,000 that were shipped FOB destination on December 28 and did not arrive at Lily warehouse until January 3. $