Bell Inc. took a physical inventory at the end of the year and determined that $650,000 of goods were on hand. In addition, Bell, Inc. determined that $50,000 of goods that were in transit that were shipped f.o.b. shipping point were actually received two days after the inventory count and that the company had $75,000 of goods out on consignment. What amount should Bell report as inventory at the end of the year? Be sure to show your work