Columbia Bank and Trust is considering giving Gallup Company a loan. Before doing so, it decided that further discussions with Gallup's accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $275,000. Discussions with the accountant reveal the following.

1. Gallup sold goods costing $55,000 to Bazil Company FOB shipping point on December 28. The goods are not expected to reach Brazil until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
2. The physical count of inventory did not include goods costing $95,000 that were shipped to Gallup FOB destination on December 27 and were still in transit at year-end.
3. Gallup received goods costing $25,000 on January 2. The goods were not included in the physical count.
4. Gallup sold goods costing $51,000 to Lamey of Canada FOB destination on December 30. The goods were recieved in Canada on January 8. They were not included in Gallups physical inventory.
5.Gallup received goods costing $42,000 on Jan 2 that were shipped FOB destination on Dec 29. The shipment was a rush order that was supposed to arrive Dec 31. This purchase was included in the ending inventory of $275,000.

Determine the correct inventory amount on Dec. 31.