Slone Company sells TVs. The perpetual inventory was stated as $30500 on the b

Slone Company sells TVs. The perpetual inventory was stated as $30500 on the books at December 31 2004. At the close of the year a new approach for
compiling inventory was used and apparently a satisfactory cut-off for preparation of financial statements was not made. Some events that occurred are as
follows.

1. TVs shipped to a customer January 2 2005 costing $5000 were included in inventory at December 31 2004. The sale was recorded in
2005.

2. TVs costing $10000 received December 30 2004 were recorded as received on January 2 2005.

3. TVs received during 2004 costing $4600 were recorded twice in the inventory account.

4. TVs shipped to a customer December 28 2004 f.o.b. shipping point which cost $15000 were not received by the customer until January
2005. The TVs were included in the ending inventory.

5. TVs on hand that cost $6100 were never recorded on the books.

Instructions

Compute the correct inventory at December 31 2004.