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

Wildhorse's accountant may be desirable. One area of particular concern is the Inventory account, which has a year$-$end balance of

$$318,300.$ Discussions with the accountant reveal the following.

Wildhorse shipped goods costing $$42,100$ 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 $$90,500$ that were shipped to Wildhorse FOB destination

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

Wildhorse received goods costing $$23,100$ 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.

Wildhorse shipped goods costing $$44,000$ to Ehler of Canada FOB destination on December $30.$ The goods were received in

Canada on January $8.$ They were not included in Wildhorse's physical inventory.

Wildhorse received goods costing $$40,700$ 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 $$318,300.$

Determine the correct inventory amount on December $31.$