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DJ Looms Inc. took a physical inventory at the end of the year and determined that $ 9 2 0 , 0 0 0 of

  

DJ Looms Inc. took a physical inventory at the end of the year and determined that $920,000 of goods were on hand between its warehouse and store locations. In addition, the following items were not considered when counting final inventory:

 $46,000 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.

 $52,000 worth of goods that were sold with an explicit repurchase agreement on the inventory.

What amount should DJ report as inventory at the end of the year?

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