Umatilla Bank and Trust is considering giving Ivanhoe Company a loan. Before doing so, it decides that further discussions with Ivanhoe's accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $261,900. Discussions with the accountant reveal the following. 1. Ivanhoe shipped goods costing $49,760 to Tamarisk Company FOB shipping point on December 28. The goods are not expected to reach Tamarisk 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 $89,410 that were shipped to Ivanhoe FOB destination on December 27 and were still in transit at year-end. 3. Ivanhoe received goods costing $27,140 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. 4. Ivanhoe shipped goods costing $54,330 to Ehler of Canada FOB destination on December 30 . The goods were received in Canada on January 8 . They were not included in Ivanhoe's physical inventory. 5. Ivanhoe received goods costing $41,100 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 $261,900. Determine the correct inventory amount on December 31