Exercise 6-1 T-State Bank and Trust is considering giving Sunland Company loan. Before doing so management decides that further discussions with Sunland's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $144,000. Discussions with the accountant reveal the following 1. Sunland sold goods costing 38,800 t Sorel Company FOB shoping it on December . The goods are not expected to Sordul 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 goodsoting 995,600 that were shipped to Sunland FO destination on December 27 and were still in transit a year-end. 3. Surland received goods costing $30,300 on January 2. The goods were shipped FOB shipping point on December 26 by Selita Co. The goods were not included in the physical count. 4. Sunland sold goods costing 141,500 to Natal Co, FOB destination, on December 30. The goods were received at talon a ry. They were not included in Sarand's physical Inventory 5. Sunland received goods costing $44,200 on January 2 that were hidros destino December 20. The shipment was show that was supposed to arrive December 31. This purchase was included in the ending inventory of $344.000. Determine the correct inventory amount on December 31 Correct inventory