The Kwok Company's inventory balance on December 31, 2016. was $220,000 (based on a 12/31/16 physical count) before considering the following transactions: 1. Goods shipped to Kwok f.o.b destination on December 20, 2016, were received on January 4, 2017. The invoice cost was $41,000. 2. Goods shipped to Kwok f.o.b. shipping point on December 28, 2016, were received on January 5, 2017. The invoice cost was $28,000. 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 $51,000 and the merchandise cost $33,000. 4. Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2016, wore received by the customer on December 30, 2016. The sales price was $31,000 and the merchandise cost $24,000. 5. Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2016, were received by the customer on January 4, 2017. The sales price was $36,000 and the merchandise cost $23,000. Required: Determine the correct inventory amount to be reported in Kwok's 2016 balance sheet