Hi, my name is Yvette. I am a second semester college student - over the age of 50. I need assistance please with an Accounting homework question.

Umatilla Bank and Trust is considering giving Pohl Company a loan. Before doing so, it decides that furthur dscussions with Pohl Company's accountant may be desirable. One are of particular concern is the Inventory Account which has a year-end balance of $275,000. Discussion with the accountant reveal the following:

1. Pohl Company sold goods costing $55,000 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until 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 goods costing $95,000 that were shipped to Pohl Company FOB Destination on December 27 and were still in transit at year-end.

3. Pohl Company received goods costing $25,000 on January 2. The goods were shipped FOB shipping point on December 26 by Yanice Co. The goods were not included in the physical count.

4. Pohl Company sold goods costing $51, 000 to Ehler of Canada FOB Destination on December 30. The goods were received in Canada on January 8. They were not included in Pohl Company physical inventory.

5. Pohl Company received goods costing $42,000 on January 2 that were shipped FOT destination 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 275,000.

Determine the correct inventory amount on December 31.

The correct inventory amount on December 31 $_____________________

Thank you. I hope you can assist me.