In your audit of Morgan Company, you find that a physical inventory on December 31, 2017, showed merchandise with a cost of $448,200was on hand at that date. You also discover the following items were all excluded from the $448,200.

1 Merchandise of $60,140which is held by Morgan on consignment. The consignor is the Max Suzuki Company.

2 Merchandise costing $36,890which was shipped by Morgan f.o.b. destination to a customer on December 31, 2017. The customer was expected to receive the merchandise on January 6, 2018.

3 Merchandise costing $46,730which was shipped by Morgan f.o.b. shipping point to a customer on December 29, 2017. The customer was scheduled to receive the merchandise on January 2, 2018.

4 Merchandise costing $85,330shipped by a vendor f.o.b. destination on December 30, 2017, and received by Morgan on January 4, 2018.

5 Merchandise costing $55,340shipped by a vendor f.o.b. shipping point on December 31, 2017, and received by Morgan on January 5, 2018.

Based on the above information, calculate the amount that should appear on Morgan's balance sheet at December 31, 2017, for inventory.

Inventory as on December 31, 2017 $