The Sarasota Company has just completed a physical inventory count at year end, December 21, 2022 Only the items on the shelves,
in storage, and in the receiving area were counted and costed on the FIFO basis. The inventory amounted to $79430. During the audit
the independent CPA discovered the following additional information
There were goods in transit on December 31, 2022, from a supplier with terms FOB destination, conting $9.500. Because
the goods had not arrived, they were excluded from the physical inventory count
On December 27,2022, a regular customer purchased goods for cash amounting to $950 and had them shipped to a
bonded warehouse for temporary storage on December 28, 2522 The goods were shipped via common carrier with terms
FOB shipping point. The customer picked the goods up from the warehouse on January 4, 2023. Sarasota Company had
paid $475 for the goods and, because they were in storage, Sarasota included them in the physical inventory count
Sarasota Company, on the date of the inventory, received notice from a supplier that goods ordered earlier, at a cost of
$4,500, had been delivered to the transportation company on December 28, 2022; the terms were FOB shipping point
Because the shipment had not arrived on December 21, 2022, it was excluded from the physical inventory
On December 31, 2022, there were goods in transit to customers, with terms FOB shipping point, ámounting to $810
(expected delivery on January 2, 2023), Because the goods had been shipped, they were excluded from the physical
inventory count
On December 31, 2322, Sarasota Company shipped $2.300 worth of goods to a customer, FOB destination The goods
arrived on January 5,2022. Because the goods were not on hand, they were not included in the physical inventory count
Sarasota Company, as the consignee, had goods on consignment that cost $3,100. Because these goods were on hand as of
December 31,2022, they were included in the physical inventory count
Analyze the above information and calculate a corrected amount for the ending inventory
