Copeland Industries Corporation uses the periodic inventory system. At December 31, 2018, the end of the companys fiscal year, a physical count of inventory revealed an ending inventory balance of $4,000,000.

The following items were not included in the physical count:

1.Merchandise shipped to a customer on 12/28 f.o.b. destination

(merchandise arrived at customers location on 1/5/19) $150,000

2.Merchandise shipped to a customer on 12/29 f.o.b. shipping point

(merchandise arrived at customers location on 1/2/19) $75,000

3.Merchandise purchased from a supplier, shipped f.o.b. destination

on 12/26, arrived on 1/2/19 $300,000

Copeland's 2018 ending inventory should be