Umatilla Bank and Trust is considering giving Blossom Company a loan. Before doing so, it decides that further discussions with Blossom's accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $278,800. Discussions with the accountant reveal the following. 1. Blossom shipped goods costing $55,500 to Sunland Company FOB shipping point on December 28. The goods are not expected to reach Sunland 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 $87,130 that were shipped to Blossom FOB destination on December 27 and were still in transit at year-end. 3. Blossom received goods costing $26,150 on January 2. The goods were shipped FOB shipping point on December 26 by Yanice C.o. The goods were not included in the physical count. 4. Blossom shipped goods costing $46,550 to Ehler of Canada FOB destination on December 30 . The goods were received in Canada on January 8. They were not included in Blossom's physical inventory. 5. Blossom received goods costing $42,480 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 $278,800. Determine the correct inventory amount on December 31. Correct inventory amount on December 31