A physical count of Ayayai Company's inventory at year-end determined that inventory on hand had...
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A physical count of Ayayai Company's inventory at year-end determined that inventory on hand had a value of $1,600,000. Upo further investigation, it was determined that this amount included the following: 1. An inventory purchase of $50,000 made by Ayayai shipped from Blossom Company on December 28 with terms FOB destination, but not due to be received until January 3. 2. Goods shipped to a customer with a cost of $70,000 with terms FOB destination on December 29, but not expected to reach their destination until January 3. 3. Goods shipped to a customer with a cost of $54,000 with terms FOB shipping point on December 30, but not expected to reach their destination until January 5. 4. Goods held on consignment from Florence Company with a cost $15,000. Compute the amount that should be reported for inventory on Ayayai Company's balance sheet at December 31, 2022. Balance sheet $
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