Mogul Company ships merchandise to Ski Outfit in a consignment arrangement. The arrangement specifies that Ski Outfit will attempt to sell the merchandise, and in return, Mogul will pay to Ski Outfit a commission of 20% of the selling price on any merchandise sold. During the year, Mogul ships inventory with a cost of $92,000 to Ski Outfit and pays shipping cost of $16,400. By the end of the year, $72,000 of the merchandise has been sold to customers for a total of $97,000. Mogul allocates $12,000 of the shipping cost to inventory sold and the other $4,400 to inventory not sold. Mogul also paid advertising costs during the year of $16,000. What amount of inventory will Mogul report at year end?