Question: Revolution Hardware reported $ 4 7 5 , 0 0 0 of inventory on December 3 1 , 2 0 2 0 , based on

 Revolution Hardware reported $475,000 of inventory on December 31,2020, based on

Revolution Hardware reported $475,000 of inventory on December 31,2020, based on a physical count.
Additional information is as follows:
Included in the 2020 physical count were machines billed to a customer FOB shipping point on December 31. These machines had a cost of $12,000 and had been billed at $30,000. The shipment was on Revolution's loading dock waiting to be picked up by the carrier.
Goods were in transit from a vendor to Revolution. The invoice cost was $85,000 and the goods were shipped FOB shipping point on December 29,2020.
Work in process inventory (not included in the physical count) costing $7,850 was sent to an outside processor for finishing on December 30,2020.
Goods out on consignment amounted to $26,500(sales price) with shipping costs of $590(not included in sales price). Markup is 15% on cost.
Required:
Compute the correct amount of December 31,2020, ending inventory for Revolution Hardware.
Round your intermediate calculation to nearest dollar.
$591,483
a physical count. Additional information is as follows: Included in the 2020

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