Stallman Company took a physical inventory on December 31 and determined that goods costing $279,930 were on hand. Not included in the physical count were $29,510 of goods purchased from Pelzer Corporation, f.o.b. shipping point, and $27,010 of goods sold to Alvarez Company for $30,500, f.o.b. destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Stallman report as its December 31 inventory?

December 31 inventory: $ _____________ ?