Help Save & Exit Royal Corporation's inventory at December 31, 2021, was $131,000 (at cost) based on a physical count of inventory on hand, before any necessary adjustment for the following: Merchandise costing $21,000, shipped f.o.b. shipping point from a vendor on December 27, 2021, was received by Royal on January 5, 2022. Merchandise costing $51,000 was shipped to a customer fo.b. shipping point on December 28, 2021, arrived at the customer's location on January 6, 2022. Merchandise costing $27,000 was being held on hand for Jess Company on consignment (i.e., Royal is the consignee) Estimated sales returns are 10% of annual sales. Sales revenue was $562,000 with a gross profit ratio of 25% What amount should Royal Corporation report as inventory in its December 31, 2021, balance sheet? Multiple Choice O $197,150 $167,150. O $200,275 $146,150