Crane Looms Inc. took a physical inventory at the end of the year and determined that $913000 of goods were on hand between its warehouse and store locations. In addition, the following items were not considered when counting the final inventory: $42500 of goods purchased were in transit. The goods were shipped f.o.b. shipping point and were received by the company three days after the inventory count. $55500 worth of goods that were sold with an explicit repurchase agreement on the inventory. What amount should Crane report as inventory at the end of the year? 1. $815000 2. $955500 3. $913000 4. $1011000