Premier Bank and Trust is considering giving Waterway Company a loan. Before doing so$,$ they decide that further discussions with

Waterway's accountant may be desirable. One area of particular concern is the inventory account, which has a year$-$end balance of

$$273,840.$ Discussions with the accountant reveal the following.

Waterway received goods costing $$41,160$ on January $2$ that were shipped FOB 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 $$273,840.$

Waterway sold goods costing $$34,440$ to Cusa Company, FOB shipping point, on December $28$ for $$54,600.$ The goods are

not expected to arrive at Cusa until January $12.$ The goods were not included in the physical inventory because they were not

in the warehouse.

The physical count of the inventory did not include goods costing $$74,760$ that were shipped to Waterway FOB destination

on December $27$ and were still in transit at year$-$end.

Waterway received goods costing $$22,680$ on January $2.$ The goods were shipped FOB shipping point on December $26$ by

Noble $Co.$ The goods were not included in the physical count.

Waterway sold, for $$46,200$ goods costing $$31,920$ to Limerick Co$.,$ FOB destination, on December $30.$ The goods were

received at Limerick on January $8.$ They were not included in Waterway's physical inventory.

$($a$)$

Your answer is incorrect.

Determine the correct inventory amount on December $31.$

The correct inventory amount on December $31$