Bellingham Inc. took a physical inventory at the end of the year and calculated that $1,750,000 of goods were on hand. Bellingham determined that $250,000 of goods were in transit. The goods were shipped f.o.b. shipping point and were received by Bellingham two days after the inventory count. What amount should Bellingham report for ending inventory on its statement of financial position? Select one: $1,250,000 $1,500,000 $1,750,000 $2,000,000