A company began work in 2020 on a contract for $8,600. Other data are as follows:

2020 2021

Costs incurred to date $3,000 $5,600

Estimated costs to complete 2,000

Billings to date 4,800 8,600

Collections to date 1,000 4,300

On the companys balance sheet at December 31, 2020, under the percentage-of-completion method, an inventory (or current liability) of $_____________ will be reported related to this project.