QUESTION 2 (Kieso, et al., 2018, E8.2)

In your audit of Garza Company, you find that a physical inventory on December 31, 2019, showed merchandise with a cost of $441 ,000 was on hand at that date. You also discover the following items were all excluded from the $441,000.

1. Merchandise of $61 ,000 which is held by Garza on consignment. The consignor is the Bontemps Company.
2. Merchandise costing $33,000 which was shipped by Garza f.o.b. destination to a customer on December 31, 2019. The customer was expected to receive the merchandise on January 6, 2020.
3. Merchandise costing $46,000 which was shipped by Garza f.o.b. shipping point to a customer on December 29, 2019. The customer was scheduled to receive the merchandise on January 2, 2020.
4. Merchandise costing $73,000 shipped by a vendor f.o.b. destination on December 30, 2019, and received by Garza on January 4, 2020.
5. Merchandise costing $51,000 shipped by a vendor f.o.b. shipping point on December 31, 2019, and received by Garza on January 5, 2020.

Instructions:

Based on the above information, calculate the amount that should appear on Garza's statement of financial position at December 31, 2019, for inventory.