Current Attempt in Progress

Umatilla Bank and Trust is considering giving Cullumber Company a loan. Before doing so$,$ it decides that further discussions with Cullumber's accountant may be desirable. One area of particular concern is the Inventory account, which has a year$-$end balance of $$277,880.$ Discussions with the accountant reveal the following.

Cullumber shipped goods costing $$54,380$ to Pharoah Company FOB shipping point on December $28.$ The goods are not expected to reach Pharoah 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 $$96,250$ that were shipped to Cullumber FOB destination on December $27$ and were still in transit at year$-$end.

Cullumber received goods costing $$27,180$ 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.

Cullumber shipped goods costing $$46,830$ to Ehler of Canada FOB destination on December $30.$ The goods were received in Canada on January $8.$ They were not included in Cullumber's physical inventory.

Cullumber received goods costing $$45,270$ on January $2$ that were shipped FOB destination on December $29.$ The shipment was a rush order that was supposed to arrive December $31.$ This purchase was included in the ending inventory of $$277,880.$

Determine the correct inventory amount on December $31.$

Correct inventory amount on December $31$

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