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What is Luke correct ending inventory balance at December

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Problem - At December 31, 2022, Luke Corp's inventory records indicated a balance of $632,000. Upon further investigation it was determined that this amount included the following:

$112,000 in inventory purchases made by Luke shipped from the seller 12/27/22 terms FOB destination, but not due to be received until January 2

$74,000 in goods sold by Luke with terms FOB destination on December 27. The goods are not expected to reach their destination until January 6

$6,000 of goods received on consignment from Leia Inc

Required - What is Luke's correct ending inventory balance at December 31, 2022?

Reference no: EM132899334

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