Umatilla Bank and Trust is considering giving Pharoah Company a loan. Before doing so, it decides that further discussions with Pharodh's accountant may be desirable. One area of particular concern is the inventory account which las a year-end balance of 5277,630 . Discussions with the accountant reveal the following 1. Pharoah shipped goods costing 557,520 to Sheridan Compary FOB shipping point on December 29 . The goods are not expected to reach Sheridan untal 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 inchide goods costing $102.970 that were shipped to Pharoah FOB destination on December 27 and were still in transit at year -end. 3. Pharoah received goods costing $26,600 on january 2. The goods were shipped FOB shipping point on Decenber 26 by Vanice Ca. The goods were not included in the plysical count. 4. Pharoah shipped goods costing \$49.830 to Ehler of Canada FOB destination on December 30. The goods were received in Canada on January B. They were not included in Pharoaks physicalimentory. 5. Pharoah received goods costing $45.800 on January 2 that were shipped fOH 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 $277,630. Determine the correct inventary amokin on December 31. Correct inventory amount on December 31