In your audit of Jose Oliva Company, you find that a physical inventory on December 31, 2014, showed merchandise with a cost of $445,600 was on hand at that date. You also discover the following items were all excluded from the $445,600.

1.		Merchandise of $68,960 which is held by Oliva on consignment. The consignor is the Max Suzuki Company.
2.		Merchandise costing $34,240 which was shipped by Oliva f.o.b. destination to a customer on December 31, 2014. The customer was expected to receive the merchandise on January 6, 2015.
3.		Merchandise costing $47,510 which was shipped by Oliva f.o.b. shipping point to a customer on December 29, 2014. The customer was scheduled to receive the merchandise on January 2, 2015.
4.		Merchandise costing $83,460 shipped by a vendor f.o.b. destination on December 30, 2014, and received by Oliva on January 4, 2015.
5.		Merchandise costing $52,010 shipped by a vendor f.o.b. shipping point on December 31, 2014, and received by Oliva on January 5, 2015.

Answer Question Based on Given Information:

Please Try to Show Work!

Based on the above information, calculate the amount that should appear on Olivas balance sheet at December 31, 2014, for inventory.

Inventory as on December 31,2014=?