Marigold Ltd. took a physical inventory count on December 31 and determined that goods costing $3,200 were on hand. This amount included $970 of goods held on consignment for Woods Corporation. Not included in the physical count were $840 of goods purchased from Timmons Corporation, f.o.b. shipping point, and $220 of goods sold to Myers Ltd. for $400, f.o.b. destination. Both the Timmons purchase and the Myers sale were in transit at year end.

What amount should Marigold report as its December 31 inventory?

December 31 inventory $ ?