Current Attempt in Progress

Pina Colada Corp. took a physical inventory on December $31$ and determined that goods costing $$150,000$ were on hand. Not included in the physical count were $$25,400$ of goods purchased from Pelzer Corporation, FOB shipping point, and $$22,800$ of goods sold to Alvarez Company for $$29,800,$ FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year$-$end.

What amount should Pina Colada report as its December $31$ inventory?