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Farley Bains, an auditor with Nolls CPAs, is performing a review of Skysong Company's Inventory account. Skysong did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year$-$end was $$680,800.$ However, the following information was not considered when determining that amount.

Included in the company's count were goods with a cost of $$209,760$ that the company is holding on consignment. The goods belong to Nader Corporation.

The physical count did not include goods purchased by Skysong with a cost of $$36,800$ that were shipped FOB shipping point on December $28$ and did not arrive at Skysong's warehouse until January $3.$

Included in the Inventory account was $$15,640$ of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year.

The company received an order on December $29$ that was boxed and was sitting on the loading dock awaiting pick$-$up on December $31.$ The shipper picked up the goods on January $1$ and delivered them on January $6.$ The shipping terms were FOB shipping point. The goods had a selling price of $$36,800$ and a cost of $$26,680.$ The goods were not included in the count because they were sitting on the dock.

Included in the count was $$46,000$ of goods that were parts for a machine that the company no longer made. Given the hightech nature of Skysong's products, it was unlikely that these obsolete parts had any other use. However, management would prefer to keep them on the books at cost$,$ "since that is what we paid for them, after all."

Prepare a schedule to determine the correct inventory amount.

Ending inventory$-$as reported

$

$1.$

$2.$

$3.$

$4.$

$5.$

Correct inventory

$