Question 2 View Policies Current Attempt in Progress In your audit of Gary King Company, you find that a physical inventory on December 31, 2020, showed merchandise with a cost of $440,500 was on hand at that date. You also discover the following items were all excluded from the $440,500. 1. Merchandise of $56,370 which is held by King on consignment. The consignor is the Max Suzuki Company. 2. Merchandise costing $36,040 which was shipped by King f.o.b. destination to a customer on December 31, 2020. The customer was expected to receive the merchandise on January 6, 2021. 3. Merchandise costing $47,030 which was shipped by King f.o.b.shipping point to a customer on December 29, 2020. The customer was scheduled to receive the merchandise on January 2, 2021. 4. Merchandise costing $87,450 shipped by a vendor f.o.b.destination on December 30, 2020, and received by King on January 4, 2021. 5. Merchandise costing $51,660 shipped by a vendor f.o.b.shipping point on December 31, 2020, and received by King on January 5, 2021. Based on the above information, calculate the amount that should appear on King's balance sheet at December 31, 2020, for inventory. Inventory as on December 31, 2020 $