Tri-State Bank and Trust is considering giving Wilfred Company a loan. Before doing so, management decides that further discussions with Wilfred's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following. 1. Wilfred shipped goods costing $38,000 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. 2. The physical count of the inventory did not include goods costing $95,000 that were shipped to Wilfred FOB destination on December 27 and were still in transit at year-end. 3. Wilfred received goods costing $22,000 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. 4. Wilfred shipped goods costing $35,000 to Jesse Co., FOB destination, on December 30 . The goods were received at Jesse on January 8 . They were not included in Wilfred's physical inventory. 5. Wilfred received goods costing $44,000 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 $297,000. Determine the correct inventory amount on December 31. Correct inventory $