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Exercise 6-2 Farley Bains, an auditor with Nolls CPAs, is performing a review of Pharoah Company's Inventory account. Pharoah Company did not have a good year, and top management is under pressure to boost reported income. According to it records, the inventory balance at year-end was $684,590. However, the following information was not considered Prepare a schedule to determine the correct inventory amount. (Show amounts that reduce inventory with a negative sign or parenthesis e.g.-45 or parentheses e.g. (45).) Ending inventory-as reported 1. Included in the company's count were goods with a cost of $247,280 that the company is holding on consignment. The goods belong to Nader Corporation 2. The physical count did not include goods purchased by Pharoah Company with a cost of $42,380 that were shipped FOB shipping point on December 28 and did not arrive at Pharoah Company's warehouse until January 3 3. Included in the Inventory account was $18,600 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. 4. 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 $37,970 and a cost of $27,340. The goods were not included in the count because they were sitting on the dock

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