In your audit of Brian Lee Company, you find that a physical Inventory on December...
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In your audit of Brian Lee Company, you find that a physical Inventory on December 31,2025, showed merchandise with a cost of $410,350 was on hand at that date. You also discover the following items were all excluded from the $410,350. 1. Merchandise of $56,780 which is held by Lee on consignment. The consignor is the Max Suzuki Company. 2. Merchandise costing $34,860 which was shipped by Lee fo.b. destination to a customer on December 31 . 2025. The customer was expected to receive the merghandise on January 6,2026. 3. Mefchandise costing $48,360 which was shipped by Lee fo.b. shipping point to a customer on December 29,2025 . The customer was scheduled to receive the merchandise on January 2, 2026. 4. Merchandise costing $74,950 shipped by a vendor to.b. destination on December 30,2025 , and received by Lee on January 4 , 2026. 5. Merchandise costing $51,040 shipped by a vendor fo.b. shipping point on December 31,2025 , and received by Lee on January 5,2026. Based on the above information, calculate the amount that should appear on Lee's balance sheet at December 31,2025 , for inventory. Inventory as on December 31,2025$
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