In your audit of Garza Company, you find that a physical inventory on December 31, 2010, showed merchandise with a cost of $569,331 was on hand at that date. You also discover the following items were all excluded from the $569,331.
Merchandise of $78,751 which is held by Garza on consignment. The consignor is the Bontemps Company.
Merchandise costing $49,058 which was shipped by Garza f.o.b. destination to a customer on December 31, 2010. The customer was expected to receive the merchandise on January 6, 2011.
Merchandise costing $59,386 which was shipped by Garza f.o.b. shipping point to a customer on December 29, 2010. The customer was scheduled to receive the merchandise on January 2, 2011.
Merchandise costing $107,153 shipped by a vendor f.o.b. destination on December 30, 2010, and received by Garza on January 4, 2011.
Merchandise costing $65,841 shipped by a vendor f.o.b. seller on December 31, 2010, and received by Garza on January 5, 2011.
Based on the above information, calculate the amount that should appear on Garza's balance sheet at December 31, 2010, for inventory.