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

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

$$249,390.$ Discussions with the accountant reveal the following.

Pharoah shipped goods costing $$49,520$ to Wildhorse Company FOB shipping point on December $28.$ The goods are not

expected to reach Wildhorse 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 $$92,420$ that were shipped to Pharoah FOB destination on

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

Pharoah received goods costing $$26,550$ 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.

Pharoah shipped goods costing $$55,500$ to Ehler of Canada FOB destination on December $30.$ The goods were received in

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

Pharoah received goods costing $$38,470$ 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 $$249,390.$

Determine the correct inventory amount on December $31.$

Correct inventory amount on December $31$$