The Kwok Company’s inventory balance on December 31, 2016, was $165,000 (based on a 12/31/16 physical count) before considering the following transactions:

1.
Goods shipped to Kwok f. o.b. destination on December 20, 2016, were received on January 4, 2017. The invoice cost was $30,000.

2.
Goods shipped to Kwok f. o.b. shipping point on December 28, 2016, were received on January 5, 2017. The invoice cost was $17,000.

3.
Goods shipped from Kwok to a customer f. o.b. destination on December 27, 2016, were received by the customer on January 3, 2017. The sales price was $40,000 and the merchandise cost $22,000.

4.
Goods shipped from Kwok to a customer f. o.b. destination on December 26, 2016, were received by the customer on December 30, 2016. The sales price was $20,000 and the merchandise cost $13,000.

5.
Goods shipped from Kwok to a customer f. o.b. shipping point on December 28, 2016, were received by the customer on January 4, 2017. The sales price was $25,000 and the merchandise cost $12,000.

Determine the correct inventory amount to be reported in Kwok’s 2016 balance sheet.