Umatilla Bank and Trust is considering giving Indigo Corporation a loan. Before doing so$,$ it decides that further discussions with

Indigo'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.

Indigo shipped goods costing $$55,500$ to Hemlock Company FOB shipping point on December $28.$ The goods are not

expected to reach Hemlock 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 $$87,130$ that were shipped to Indigo FOB destination on

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

Indigo received goods costing $$26,150$ on January $2.$ The goods were shipped FOB shipping point on December $26$ by Yanice

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

Indigo 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 Indigo physical inventory.

Indigo 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 $31.$

The correct inventory amount on December $31$ $