On December 31, Powell Company had an ending inventory of $56,900 based primarily on a physical count at its warehouse. In computing the final balance of Inventory, the following information was available:
(a) Inventory items with a cost of $2,830 were excluded from ending inventory. These goods were on consignment to King Company and had not yet been sold by December 31.
(b) Inventory items with a cost of $3,270 were included in ending inventory. These goods were in transit from Evans Company to Powell Company and were purchased FOB shipping point.
(c) Inventory items with a cost of $3,840 were included in ending inventory. These goods were in transit from Reed Company to Powell Company and were purchased FOB destination.
Required:Using the information given above, compute the correct final balance of Inventory.