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Swifty Decor did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year$-$end was $$730,000.$ However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. $$ an amount reduces the account balance then enter with a negative sign precedling the number, eg$.-15,000,$ or parenthesss eg$.$ Ending inventory$-$as reported Included in the company's count were goods with a cost of $$244,000$ that the company is holding on consignment. The goods belong to Kroeger Company.

The physical count did not include goods purchased by Swifty with a cost of $$34,000$ that

were shipped FOB destination on December $28$ and did not arrive at Swifty warehouse

until January $3.$

Included in the inventory account was $$20,000$ 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.

The company received an order on December $29$ that was boxed and 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 $$42,000$ and a cost of $$21,000.$ The goods were not included in the count

because they were sitting on the dock.

On December $29,$ Swifty shipped goods with a selling price of $$83,000$ and a cost of

$$55,000$ to Macchia Company FOB shipping point. The goods arrived on January $3.$

Macchia had only ordered goods with a selling price of $$12,000$ and a cost of $$8,000.$

However, a sales manager at Swifty had authorized the shipment and said that if Macchia

wanted to ship the goods back next week, it could.

Included in the count was $$30,000$ of outdated products that were unlikely to be sold.

Management determined that they had a net realizable value of $$0.$

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