At December 31, 20x2, Scott Hobson Enterprises reported inventory (at cost) in the amount of $135,000 based on a physical count of inventory on hand, before any necessary adjustment for the following: Merchandise costing $25,000, shipped f.o.b. shipping point from a vendor on December 27, 20x2, was received by Hobson on January 5, 20x3. Merchandise costing $55,000 was shipped to a customer f.o.b. shipping point on December 28, 20x2, arrived at the customers location on January 6, 20x3. Merchandise costing $31,000 was being held on hand for Johnson Outboard Company on consignment. Estimated sales returns are 20% of annual sales. Sales revenue was $570,000 with a gross profit ratio of 30%. What amount should Scott Hobson Enterprises report as inventory in its balance sheet as of December 31, 20x2?

Multiple Choice

$183,800.

$245,925.

$208,800.

$238,800.