First Bank is considering giving Sheridan Company a loan. First, however, it decides that it would be a good idea to have further discussions with Sheridan's accountant. One area of particular concern is the inventory account, which has a December 31 balance of $284,000. Discussions with the accountant reveal the following: 1. 2 The physical count of the inventory did not include goods that cost $92.000 that were shipped to Sheridan, FOB shipping point, on December 27 and were still in transit at year end. Sheridan sold goods that cost $36,000 to Crane, 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, Sheffield had $32,000 of goods held on consignment for Sheridan. The goods were not included in Sheridan's ending inventory balance Sheridan received goods that cost $28,500 on January 2. The goods were shipped FOB shipping point on December 26 by Grouper. The goods were not included in the physical count 3. Determine the correct inventory amount at December 31 $ Correct inventory amount