Determining Merchandise to Be included or Excluded from Ending Inventory The unadjusted inventory balance of Uitim Corp. is $180,000 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 $450 of merchandise imventory set aside for expected shipment to a customer. b. On December 31 , the physical inventory excluded $1,800 of merchandise inventory out on consignment in a customer's showroom. c. On December 31 , the physical inventory excluded $1,440 of merchandise held on consignment. d. In-transit merchandise of $1,350 was shipped f.a.b. destination to a customer and was excluded from the physical inventory count. The merchandise was turned over to a common carrier on December 28 and is delivered to the customer on December 31 . e. Ultim Corp, ordered \$1,440 of merchandise on December 26. The merchandise was shipped to Uitim Corp. f,o.b. shipping point on December 30 and was expected to arrive january 2 of next year. The merchandise was not included in the physical inventory count. f. A return to a vendor of merchandise for $1,800 was in transit on December 31 and was excluded from the physical inventory count. The merchandise was shipped fo.b. shipping point on December 30 . Required Review items a through f and determine the adjusted inventory balance for year-end December 31