The Kwok Company's inventory balance on December 31, 2013, was $245,000 (based on a 12/31/13 physical count) before considering the following transactions:

1.Goods shipped to Kwok f.o.b. destination on December 20, 2013, were received on January 4, 2014. The invoice cost was $46,000.

2.Goods shipped to Kwok f.o.b. shipping point on December 28, 2013, were received on January 5, 2014. The invoice cost was $33,000.

3.Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2013, were received by the customer on January 3, 2014. The sales price was $56,000 and the merchandise cost $38,000.

4.Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2013, were received by the customer on December 30, 2013. The sales price was $36,000 and the merchandise cost $29,000.

5.Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2013, were received by the customer on January 4, 2014. The sales price was $41,000 and the merchandise cost $28,000.

Determine the correct inventory amount to be reported in Kwok's 2013 balance sheet.