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The Kwok Company's inventory balance on December 31, 2021, was $190,000 (based on a 12/312021...

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The Kwok Company's inventory balance on December 31, 2021, was $190,000 (based on a 12/312021 physical count) before considering the following transactions: 1. Goods shipped to Kwok fo.b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $35,000. 2. Goods shipped to Kwok fo.b. shipping point on December 28, 2021, were received on January 5, 2022. The invoice cost was $22,000. 3. Goods shipped from Kwok to a customer fo.b, destination on December 27, 2021, were received by the customer on January 3, 2022. The sales price was $45,000 and the merchandise cost $27.000. 4. Goods shipped from Kwok to a customer fo.b. destination on December 26, 2021, were received by the customer on December 30, 2021. The sales price was $25,000 and the merchandise cost $18,000, 5. Goods shipped from Kwok to a customer fo.b, shipping point on December 28, 2021, were received by the customer on January 4, 2022. The sales price was $30,000 and the merchandise cost $17,000. Required: Determine the correct inventory amount to be reported in Kwok's 2021 balance sheet Correct Inventory balance

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