In the inventory audit of the HF Corporation, we gathered the following information:

Extension, footing errors (undervaluation) 4,000

Inventory items duplicated 3,000

Goods being held on consignment by client 20,000

Goods still in transit, FOB shipping point 15,000

Physical inventory of all merchandise on the premises of the entity 275,000

How much should the inventory be stated on December 31, 2020?

a. 317,500

b. 302,000

c. 251,000

d. 271,000