1.		Gallup sold goods costing $56,190 to Bazil Company FOB shipping point on December 28. The goods are not expected to reach Bazil until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
2.		The physical count of the inventory did not include goods costing $85,260 that were shipped to Gallup FOB destination on December 27 and were still in transit at year-end.
3.		Gallup received goods costing $31,580 on January 2. The goods were shipped FOB shipping point on December 26 by Lynch Co. The goods were not included in the physical count.
4.		Gallup sold goods costing $53,930 to Lamey of Canada FOB destination on December 30. The goods were received in Canada on January 8. They were not included in Gallups physical inventory.
5.		Gallup received goods costing $44,400 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $282,040.

Determine the correct inventory amount on December 31.