The December 31, 2016, year-end inventory balance of the Delphi Printing Company is $317,000. You have been asked to review the following transactions to determine if they have been correctly recorded. Materials purchased from a supplier and shipped to Delphi f.o.b. destination on December 28, 2016, were received on January 2, 2017. The invoice cost of $50,000 is not included in the preliminary inventory balance. At year-end, Delphi had $12,000 of merchandise on consignment from the Harvey Company. This merchandise is included in the preliminary inventory balance. On December 29, merchandise costing $17,000 was shipped to a customer f.o.b. shipping point and arrived at the customer's location on January 3, 2017. The merchandise is not included in the preliminary inventory balance. Materials purchased from a supplier and shipped to Delphi f.o.b. shipping point on December 28, 2016 were received on January 4, 2017. The invoice cost of $32,000 is not included in the preliminary inventory balance. Required: Determine the correct inventory amount to be reported on Delphi's 2016 balance sheet