Tri-State Bank and Trust is considering giving Novak Corp. aloan. Before doing so, management decides that further discussionswith Novak’s accountant may be desirable. One area of particularconcern is the inventory account, which has a year-end balance of$342,900. Discussions with the accountant reveal the following.

1. Novak sold goods costing $37,300 to Sorci Company, FOBshipping point, on December 28. The goods are not expected toarrive at Sorci until January 12. The goods were not included inthe physical inventory because they were not in the warehouse.

2. The physical count of the inventory did not include goodscosting $96,200 that were shipped to Novak FOB destination onDecember 27 and were still in transit at year-end.

3. Novak received goods costing $24,800 on January 2. The goodswere shipped FOB shipping point on December 26 by Solita Co. Thegoods were not included in the physical count.

4. Novak sold goods costing $31,200 to Natali Co., FOBdestination, on December 30. The goods were received at Natali onJanuary 8. They were not included in Novak's physicalinventory.

5. Novak received goods costing $47,000 on January 2 that wereshipped FOB destination on December 29. The shipment was a rushorder that was supposed to arrive December 31. This purchase wasincluded in the ending inventory of $342,900.

Determine the correct inventory amount on December 31. Correctinventory $ enter the Correct inventory in dollars