A company began work in 2020 on a contract for $7,700. Other data are as follows:

	2020	2021
Costs incurred to date	$3,000	$5,600
Estimated Costs to complete	2,000	----------
Billings to date	3,700	7,700
Collections to date	1,000	4,800

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.