Answer:
The amount should Constance Corporation report as inventory in its December 31, 2021, balance sheet is $194,920
Explanation:
Cost of sales return to be included in inventory 
= [$566,000 × 15 % × (100 % - 20 %)] 
= $67,920
Corporation report as inventory in its December 31, 2021 :
Inventory based on physical count                                                   $133,000
Add : Merchandise purchased shipped f.o.b                              $23,000
Less : Goods held on hand for Jess Company on consignment.   ($29,000)
Add : Cost of sales return                                                              $67,920
Corporation report as inventory in its December 31, 2021              $194,920