The December 31, 2020, year-end inventory balance of the Sabre Company is $317,000. You have been asked to review the following transactions to determine if they have been correctly recorded.

1. Materials purchased from a supplier and shipped to Sabre f.o.b. destination on December 28, 2020, were received on January 2, 2021. The invoice cost of materials of $50,000 and the shipping cost of $1,500 are not included in the preliminary inventory balance.

2. At year-end, Sabre held $12,000 of merchandise on consignment from the Dunder Company. This merchandise was included in Sabre's year-end inventory count and is included in the preliminary inventory balance.

3. On December 29, merchandise costing $17,000 was shipped to a customer f.o.b. shipping point and arrived at the customer's location on January 3, 2021. The merchandise is not included in the preliminary inventory balance.

4. Materials purchased from a supplier and shipped to Sabre f.o.b. shipping point on December 28, 2020 were received on January 4, 2021. The invoice cost of the materials of $30,000 and shipping cost of $2,000 is not included in the preliminary inventory balance. Determine the correct inventory amount to be reported on Sabre's 2020 balance sheet. Show your work.