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 Sheridans accountant. One area of particular concern is the inventory account, which has a December 31 balance of $282,000. Discussions with the accountant reveal the following:

1.		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.
2.		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.
3.		On December 31, Cheyenne had $30,000 of goods held on consignment for Sheridan. The goods were not included in Sheridans ending inventory balance.
4.		Sheridan received goods that cost $27,000 on January 2. The goods were shipped FOB shipping point on December 26 by Concord. The goods were not included in the physical count.

Determine the correct inventory amount at December 31.

The correct cost of inventory is:
Ending inventoryphysical count		$enter a dollar amount
Adjustments:
Add to inventory:
1. Title passed to Sheridan when goods were shipped		enter a dollar amount
2. Title remains with Sheridan until buyer receives goods		enter a dollar amount
3. Consignor (Sheridan) owns goods		enter a dollar amount
4. Title passed to Sheridan when goods were shipped		enter a dollar amount
		$enter a dollar amount