Culver Company took a physical inventory on December 31 and determined that goods costing $185,000 were on hand. Not included in the physical count were $24,080 of goods purchased from Pelzer Corporation, f.o.b. shipping point, and $20,810 of goods sold to Alvarez Company for $32,070, f.o.b. destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Culver report as its December 31 inventory?