Question - On December 31, Henderson Company had an ending inventory of $59,600 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 $3,130 were included in ending inventory. These goods were on consignment from Richardson Company and had not yet been sold on December 31.

(b) Inventory items with a cost of $3,550 were excluded from ending inventory. These goods were in transit from Henderson Company to Miller Company and were sold FOB shipping point.

(c) Inventory items with a cost of $3,440 were excluded from ending inventory. These goods were in transit from Hill Company to Henderson Company and were purchased FOB destination.

Required: Using the information given above, compute the correct final balance of Inventory.