Talal Company counts a physical inventory at December 31, 2021 and determined that $500,000 of goods were on hand. Included in the count was inventory of $20,000 on consignment from Kent Company. On December 30, Talal excluded inventory sold and shipped FOB destination $30,000. These goods arrived at the buyer's place of business on January 2, 2022. 

What amount should the company report for inventory on its December 31, 2021 balance sheet?

Answer rating: 100% (QA)

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