First Bank is considering giving Oriole Company a loan. First, however, it decides that it would be a good idea to have further discussions with Oriole's accountant. One area of particular concern is the inventory account, which has a December 31 balance of $279.000. Discussions with the accountant reveal the following: 1 2 The physical count of the inventory did not include goods that cost $95,000 that were shipped to Oriole, FOB shipping point, on December 27 and were still in transit at year end. Oriole sold goods that cost $32,000 to Ivanhoe, FOB destination, on December 28. The goods are not expected to arrive at their destination in India until January 12 The goods were not included in the physical inventory because they were not in the warehouse On December 31, Culver had $31.000 of goods held on consignment for Oriole. The goods were not included in Oriole's ending inventory balance Oriole received goods that cost $27.500 on January 2. The goods were shipped FOB shipping point on December 26 by Cheyenne. The goods were not included in the physical count 3. Determine the correct inventory amount at December 31