The Kwok Company's inventory balance on December 31, 2016, was $175,000 (based on a 12/31/16 physical count) before considering the following transactions: 1. Goods shipped to Kwok fo.b. destination on December 20, 2016, were received on January 4, 2017. The invoice cost was $32,000. 2. Goods shipped to Kwok fo.b. shipping point on December 28,2016 , were received on January 5, 2017. The invoice cost was $19,000. 3. Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2016, were received by the customer on January 3, 2017. The sales price was $42,000 and the merchandise cost $24,000. 4. Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2016, were recelved by the customer on December 30,2016 . The sales price was $22,000 and the merchandise cost $15,000. 5. Goods shipped from Kwok to a customer fo.b. shipping point on December 28, 2016 , were received by the customer on January 4, 2017. The sales price was $27,000 and the merchandise cost $14,000. Required: Determine the correct inventory amount to be reported in Kwok's 2016 balance sheet