Question 14 --/1 View Policies Current Attempt in Progress A physical count of Sheffield Company's inventory at year-end determined that inventory on hand had a value of $1,650,000. Upon further investigation, it was determined that this amount included the following: 1. An inventory purchase of $53,500 made by Sheffield shipped from Sheridan Company on December 28 with terms FOB destination, but not due to be received until January 3. 2. Goods shipped to a customer with a cost of $70,700 with terms FOB destination on December 29, but not expected to reach their destination until January 3. 3. Goods shipped to a customer with a cost of $55,100 with terms FOB shipping point on December 30, but not expected to reach their destination until January 5. 4. Goods held on consignment from Florence Company with a cost $16,400 Compute the amount that should be reported for inventory on Sheffield Company's balance sheet at December 31, 2022. Balance sheet $