End-of-period adjustments A physical count of inventories at 31 December 2025 revealed that Canterbury Pty Ltd had inventories on hand at that date with a cost of \(\$ 398\) 546. CanterburyPty Ltd uses the periodic method to record inventories transactions. Inventories at 1 January 2025 were \(\$ 397\) 000. The annual audit identified that the following items were excluded from this amount.

- Merchandise of \(\$ 61000\) is held by Canterbury Pty Ltd on consignment. The consignor is Romsey Ltd.

- Merchandise costing \$38 000 was shipped by Canterbury Pty Ltd FOB destination to a customer on 31 December 2025. The customer was expected to receive the goods on 6 January 2026.

- Merchandise costing \$46 000 was shipped by Canterbury Pty Ltd FOB shipping to a customer on 29 December 2025. The customer was scheduled to receive the goods on 2 January 2026.

- Merchandise costing \(\$ 83000\) shipped by a vendor FOB destination on 31 December 2025 was received by Canterbury Pty Ltd on 4 January 2026.

- Merchandise costing \$51 000 purchased FOB shipping was shipped by the supplier on 31 December 2025 and received by Karalee Pty Ltd on 5 January 2026.

Required 1. Based on the above information, calculate the amount that should appear for inventories on Canterbury Pty Ltd's statement of financial position at 31 December 2025.

2. Prepare any journal entries necessary to adjust the Inventories general ledger account to the amount calculated in requirement 1.