Marc's inventory at December 31, 2019 was $1.5M based on a physical count, before any necessary adjustment for the following: Merchandise costing $90,000 was shipped f.o.b. shipping point from a vendor on December 31, 2019 and was received and recorded on January 5, 2020. Goods with a cost of $120,000 were excluded from inventory because they were held on consignment from Sharon Co. What amount should Marc report as inventory in the December 31, 2019 balance sheet