At December 31, 2017 Pharoah Company's inventory records indicated a balance of $629000. Upon further investigation it was determined that this amount included the following:▪ $122000 in inventory purchases made by Pharoah shipped from the seller 12/27/17 terms FOB destination, but not due to be received until January 2nd▪ $80000 in goods sold by Pharoah with terms FOB destination on December 27th. The goods are not expected to reach their destination until January 6th▪ $7000 of goods received on consignment from Concord CompanyWhat is Pharoah correct ending inventory balance at December 31, 2017?