Q Co. uses the periodic method of recording inventory. A physical count reveals $ 271,000 of inventory on hand at December 31, 2020. Q Co asks you to review its December 31, 2020, inventory values. The following information is given to you: 1. Included in inventory is merchandise sold on December 30, f.o.b.destination. This merchandise was shipped after it was counted and the customer received it on January 3. The merchandise cost is:$ 2,350 2. Not included in inventory is $ 8,490 of merchandise purchased. This merchandise was received on December 31 after the inventory had been counted. 3. Not included in the physical count of inventory is $25,400 of merchandise purchased on December 25. This merchandise was shipped f.o.b. shipping point on December 29 and arrived in January. 4. Included in inventory is merchandise sold f.o.b. shipping point. This merchandise was shipped after it was counted. The cost of this merchandise was $3,450 and the customer received the merchandise on January 5. 5. Included in inventory was $7,520 of inventory held by Q Co on consignment from SMA CO. Instruction: Determine the proper inventory balance for olco Company at December 31, 2020