Based on the information calculate the amount that should appear on Olivia's balance sheet at December 31, 2008, for inventory.

cember nventoriable Cost oliva Company you find that a hysical invento on De 31, 2008, showed merchandise with a cost of $441,000 was on hand at that date. You also discover the following items were all excluded from the $441,000. 1. Merchandise of $61,000 which is held by oliva on consignment. The consignor is the Max Suzuki Com 2. Merchandise costing $38,000 which was shipped by Oliva fo b destination to a customer on December 2008. The customer was expected to receive the merchandise on January 6, 2009. 3. Merchandise costing $46,000 which was shipped by Oliva fo.b. shipping point to a customer on December 29, 2008. The customer was scheduled to receive the merchandise on January 2, 2009 4. Merchandise costing $83,000 shipped by a vendor fo b. destination on December 30, 2008, and received by Oliva on January 4, 2009 5. Merchandise costing $51,000 shipped by a vendor f.o.b. seller on December 31, 2008, and received by 0lia on January 5, 2009