Tri$-$State Bank and Trust is considering giving Sheffield Company a loan. Before doing so$,$ management decides that further discussions

with Sheffield's accountant may be desirable. One area of particular concern is the inventory account, which has a year$-$end balance of

$$304,000.$ Discussions with the accountant reveal the following.

Sheffield shipped goods costing $$35,000$ to Lilja Company, FOB shipping point, on December $28.$ The goods are not expected

to arrive at Lilja until January $12.$ The goods were not included in the physical inventory because they were not in the

warehouse.

The physical count of the inventory did not include goods costing $$91,000$ that were shipped to Sheffield FOB destination on

December $27$ and were still in transit at year$-$end.

Sheffield received goods costing $$25,000$ on January $2.$ The goods were shipped FOB shipping point on December $26$ by

Brent $Co.$ The goods were not included in the physical count.

Sheffield shipped goods costing $$34,000$ to Jesse Co$.,$ FOB destination, on December $30.$ The goods were received at Jesse on

January $8.$ They were not included in Sheffield's physical inventory.

Sheffield received goods costing $$40,000$ on January $2$ that were shipped FOB destination on December $29.$ The shipment

was a rush order that was supposed to arrive December $31.$ This purchase was included in the ending inventory of $$304,000.$

Determine the correct inventory amount on December $31.$