The December 31,2021 , year-end inventory balance of the Raymond Corporation is $244,000. You have been asked to review the following transactions to determine if they have been correctly recorded. 1. Goods shipped to Raymond f.o.b. destination on December 26 , 2021, were received on January 2, 2022. The invoice cost of $47,000 is included in the preliminary inventory balance. 2. At year-end, Raymond held $31,000 of merchandise on consignment from the Harrison Company. This merchandise is included in the preliminary inventory balance. 3. On December 29 , merchandise costing $7,700 was shipped to a customer fo.b. shipping point and arrived at the customer's location on January 3, 2022. The merchandise is not included in the preliminary inventory balance. 4. At year-end, Raymond had merchandise costing $32,000 on consignment with the Joclyn Corporation. The merchandise is not included in the preliminary inventory balance. Required: Determine the correct inventory amount to be reported in Raymond's 2021 balance sheet