Cheyenne Corp. just took its physical inventory on December 31 . The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $302,500. In reviewing the details of the count and related inventory transactions, you have discovered the following items had not been considered. 1. Cheyenne has sent inventory costing $26,900 on consignment to Richfield Company. All of this inventory was at Richfield's showrooms on December 31. 2. The company did not include in the count inventory ( cost, $20,500) that was sold on December 28 , terms FOB shipping point. The goods were in transit on December 31 . 3. The company did not include in the count inventory (cost, $16,400) that was purchased with terms of FOB shipping point. The goods were in transit on December 31 . Compute the correct December 31 inventory. Correct December 31 inventory $