In your audit of Newman Company, you find that a physical inventory on December 31, 2017, showed merchandise with a cost of $403,730 was on hand at that date. You also discover the following items were all excluded from the $403,730.
1. Merchandise of $61,080 which is held by Newman on consignment. The consignor is the Max Suzuki Company.
2. Merchandise costing $35,400 which was shipped by Newman 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 $43,270 which was shipped by Newman 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 $84,630 shipped by a vendor f.o.b. destination on December 30, 2017, and received by Newman on January 4, 2018.
5. Merchandise costing $47,400 shipped by a vendor f.o.b. shipping point on December 31, 2017, and received by Newman on January 5, 2018.
Based on the above information, calculate the amount that should appear on Newman's balance sheet at December 31, 2017, for inventory.