Exercise $8-7($Algo$)$ Goods in transit; consignment $[$LO$8-2]$

The December $31,2024,$ year$-$end inventory balance of the Almond Corporation is $$238,000.$ You have been asked to

review the following transactions to determine if they have been correctly recorded.

Goods shipped to Almond f$.$o$.$b$.$ destination on December $26,2024,$ were received on January $2,2025.$ The

invoice cost of $$44,000$ is included in the preliminary inventory balance.

At year$-$end, Almond held $$28,000$ of inventory on consignment from the Hardgrove Company. This inventory is

included in the preliminary inventory balance.

On December $29,$ inventory costing $$7,400$ was shipped to a customer f$.$o$.$b$.$ shipping point and arrived at the

customer's location on January $3,2025.$ The inventory is not included in the preliminary inventory balance.

At year$-$end, Almond had inventory costing $$29,000$ on consignment with the Juniper Corporation. The

inventory is not included in the preliminary inventory balance.

Required:

Determine the correct inventory amount to be reported in Almond's $2024$ balance sheet.