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At December 31, 2014 Cooper Company's inventory records indicated a balance of $500,000

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At December 31, 2014 Cooper Company's inventory records indicated a balance of $500,000. Upon further investigation it was determined that this amount included the following:

• $80,000 in goods sold by Cooper with terms FOB destination on December 27th. The goods are not expected to reach their destination until January 6th.
• $208,000 in inventory purchases made by Cooper shipped from the seller 12/27/14 terms FOB destination, but not due to be received until January 2nd
• $54,000 of goods held on consignment for Dollywood Company

What is Cooper's correct ending inventory balance at December 31, 2014?

$158,000

$238,000

$446,000

$366,000