In your audit of Adams Company, you find that a physical inventory on December 31, 2017, showed merchandise with a cost of $400,500 was on hand at that date. You also discover the following items were all excluded from the $400,500.

1. Merchandise of $55,100 which is held by Adams on consignment. The consignor is the Max Suzuki Company.

2. Merchandise costing $38,440 which was shipped by Adams f.o.b. destination to a customer on December 31, 2017. The customer was expected to receive the merchandise on January 6, 2018.

3. Merchandise costing $50,010 which was shipped by Adams f.o.b. shipping point to a customer on December 29, 2017. The customer was scheduled to receive the merchandise on January 2, 2018.

4. Merchandise costing $79,190 shipped by a vendor f.o.b. destination on December 30, 2017, and received by Adams on January 4, 2018.

5. Merchandise costing $56,100 shipped by a vendor f.o.b. shipping point on December 31, 2017, and received by Adams on January 5, 2018.

Based on the above information, calculate the amount that should appear on Adams’s balance sheet at December 31, 2017, for inventory.