Umatilla Bank and Trust is considering giving Windsor, Inc. a loan. Before doing so, it decides that further discussions with Windsor's accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $348.500. Discussions with the accountant reveal the following. 1. Windsor shipped goods costing $38,900 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. 2. The physical count of the inventory did not include goods costing $93,500 that were shipped to Windsor FOB destination on December 27 and were still in transit at year-end. 3. Windsor received goods costing $27,600 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. Windsor shipped goods costing $47,000 to Ehler of Canada FOB destination on December 30 . The goods were received in Canada on January 8. They were not included in Windsor's physical inventory. 5. Windsor received goods costing $43,100 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 $348.500. Determine the correct inventory amount on December 31