Gotham company reported a december 31 ending inventory balance of $412,000. The following additional information is also available:
The ending inventory balance of $412,000 included $72,000 of consigned inventory for which gotham was the cosignor.
The ending inventory balance of $412,000 included $22,000 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 ending inventory balance of $412,000 did not include goods costing $48,000 that were purchased by Gotham on December 28 and shipped FOB destination on that date.
Gotham did not receive the goods until January 2 of the following year.
The ending inventory balance of $412,000 included damaged goods at their original cost of $38,000.
The net realizable value of the damaged goods was $10,000.
The ending inventory balance of $412,000 included $43,000 of consigned inventory for which Gotham was the consignee.
Required: Based on the information, calculate the correct ending inventory balance on December 31.