Brief Exercise 6-01 Tri-State Bank and Trust is considering giving Bonita Company a loan. Before doing so, management decides that further discussions with Bonita's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $305,000. Discussions with the accountant reveal the following. 1 Bonita shipped goods costing $37,000 to Lilja Company, FOB shipping point, on December 28. The . goods are not expected to arrive at Lilja 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 $90,000 that were shipped to Bonita FOB destination on December 27 and were still in transit at year-end. 3 Bonita received goods costing $22,000 on January 2. The goods were shipped FOB shipping point . on December 26 by Brent Co. The goods were not included in the physical count. 4 Bonita shipped goods costing $31,000 to Jesse Co., FOB destination, on December 30. The goods were received at Jesse on January 8. They were not included in Bonita's physical inventory. 5 Bonita received goods costing $43,000 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 $305,000. Determine the correct inventory amount on December 31. Correct inventory: $315,000