Given the following items and costs as of the balance sheet date, determine the value of Light Company's merchandise inventory. $2, 850 goods sold by Light to another company. The goods are in transit and shipping terms are FOB shipping point. $3, 850 goods sold by another company to Light. The goods are in transit and shipping terms are FOB shipping point $4, 850 owned by Light but in the possession of another company, the consignee. Damaged goods owned by Light that originally cost $5, 850 but now have an $1, 650 net realizable value. $8, 700 $9, 350 $10, 700 $10, 350 $12, 350