Sapphire Ltd’s ending inventory was assigned a cost of $55 200 by way of a physical inventory count on 31 December 2015. An audit of the company’s records revealed the following information.

1.    Sapphire Ltd had recorded a $4500 invoice (net of GST) from a supplier for goods shipped EXW on 26 December 2015. The goods were not included in the physical inventory count because they had not yet arrived.

2.    Sapphire Ltd had recorded a $2000 tax invoice (net of GST) from a supplier for goods shipped DDP on 28 December 2015. The goods were not included in the physical inventory count because they had not yet arrived.

3.    Sapphire Ltd had goods valued at $6400 (net of GST) out on consignment on 31 December 2015 that were not included in the physical inventory count.

4.    Sapphire Ltd also acts as a consignee. Consigned goods on hand on 31 December 2015 totalled $6100 (net of GST), and were included in the physical inventory count.

5.    Sapphire Ltd purchased goods worth $5500 (net of GST), which were received on 30 December 2015 and included in the physical inventory count. The invoice from the supplier was not recorded until January.

6.    Sapphire Ltd sold goods costing $800 for $1200 plus GST on 27 December 2015, DDP. The buyer received the goods on 5 January 2016. The sale was on credit and was recorded in 2015, and the goods were excluded from the physical inventory count.

Required

A. For each point, determine the effects on Sapphire Ltd’s 31 December 2015 account balances.

B. What is the correct ending inventory?