The Kwok Companys inventory balance on December 31, 2021, was $250,000 (based on a 12/31/2021 physical count) before considering the following transactions:

1. Goods shipped to Kwok f.o.b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $47,000.
2. Goods shipped to Kwok f.o.b. shipping point on December 28, 2021, were received on January 5, 2022. The invoice cost was $34,000.
3. Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2021, were received by the customer on January 3, 2022. The sales price was $57,000 and the merchandise cost $39,000.
4. Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2021, were received by the customer on December 30, 2021. The sales price was $37,000 and the merchandise cost $30,000.
5. Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2021, were received by the customer on January 4, 2022. The sales price was $42,000 and the merchandise cost $29,000.

Required: Determine the correct inventory amount to be reported in Kwoks 2021 balance sheet.

Correct inventory balance