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Ivanhoe Company took a physical inventory on December 31 and determined that goods costing $189,300 were on hand. Not included in the physical count were

Ivanhoe Company took a physical inventory on December 31 and determined that goods costing $189,300 were on hand. Not included in the physical count were $25,350 of goods purchased from Pelzer Corporation, f.o.b. shipping point, and $22,470 of goods sold to Alvarez Company for $27,670, f.o.b. destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Ivanhoe report as its December 31 inventory? December 31 inventory $

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