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Assume that a physical count of Adidas AG's inventory at year-end determined that inventory on...

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Accounting

Assume that a physical count of Adidas AG's inventory at year-end determined that inventory on hand had a value of $1,628,000.
Upon further investigation, it was determined that this amount included the following:
An inventory purchase of $51,900 made by Adidas shipped from Amazon on December 28 with terms FOB destination, but not due to be received until January 3.
Goods shipped to a customer with a cost of $74,700 with terms FOB destination on December 29, but not expected to reach their destination until January 3.
Goods shipped to a customer with a cost of $55,500 with terms FOB shipping point on December 30, but not expected to reach their destination until January 5.
Goods held on consignment from Lock Laces Company with a cost $16,300.
Compute the amount that should be reported for inventory on Adidas AG's balance sheet at December 31.

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