The Kwok Companys inventory balance on December 31, 2018, was $220,000 (based on a 12/31/18 physical count) before considering the following transactions:

1.Goods shipped to Kwok f.o.b. destination on December 20, 2018, were received on January 4, 2019. The invoice cost was $41,000.

2.Goods shipped to Kwok f.o.b. shipping point on December 28, 2018, were received on January 5, 2019. The invoice cost was $28,000.

3.Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2018, were received by the customer on January 3, 2019. 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, 2018, were received by the customer on December 30, 2018. 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, 2018, were received by the customer on January 4, 2019. The sales price was $36,000 and the merchandise cost $23,000

Determine the correct inventory amount to be reported in Kwoks 2018 balance sheet.

Correct Inventory Balance _________