Lampard Co.'s inventory balance at December 31, 2007 was $1,500,000 before considering the following transactions:

i) Goods were in transit from a vendor to Lampard on December 31, 2007. The invoice price was $70,000, and the goods were shipped f.o.b. shipping point on December 29, 2007. The goods were received on January 4, 2008.

ii) Goods shipped to Lampard, f.o.b. destination on December 20, 2007, from a vendor were received on January 2, 2008. The invoice price was $50,000.

In its December 31, 2007 balance sheet, Lampard should report inventory of

$1,620,000.

$1,570,000.

$1,550,000.

$1,500,000.