On December 31, a company's records indicated an inventory balance of $723,000. That amount included $463,000 of inventory on hand and it included the following: (1) $5,000 of inventory held by the company on consignment. (2) $125,000 of inventory purchased by the company under the terms FOB destination, and this inventory did not arrive until January 2. (3) $86,000 of inventory sold and shipped by the company on December 29 under the terms FOB destination, and this inventory did not reach the buyer until January 3. (4) $44,000 of inventory the company placed on consignment that has not been sold by year-end. What is the company's correct inventory balance at December 31? $593,000 O $598,000 $637,000 $718,000 O $728,000