E6-18 First Bank and Trust is considering giving Markhan Company a loan. Before doing so, they decide that further discussions with Markhan's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $255,000. Discussions with the accountant reveal the following. 1. Markhan received goods costing $22,000 on January 2. The goods were shipped FOB shipping point on December 26 by Cook Co. The goods were not included in the physi- cal count. 2. The physical count of the inventory did not include goods costing $79,000 that were shipped to Markhan FOB destination on December 27 and were still in transit at year end. 3. Markhan sold goods costing $47,000 to Lane Company, FOB shipping point, on Decem- ber 28. The goods are not expected to arrive at Lane until January 12. The goods were not included in the physical inventory because they were not in the warehouse. 4. Markhan sold goods costing $42,000 to Toby Co., FOB destination, on December 30. The goods were received at Toby on January 8. They were not included in Markhan's physical inventory 5. Markhan received goods costing $41,000 on January 2 that were shipped FOB destina- tion 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 $255,000. Instructions Determine the correct inventory amount on December 31