Norton Inc. took a physical inventory on 12/31/2019 and determined that $840,000 of goods were on hand. In addition, the following items were not included in the physical count. Norton, Inc. determined that $96,000 of goods purchased were in transit that were shipped f.o.b. destination (goods were actually received by the company three days after the inventory count). The company sold $40,000 worth of inventory f.o.b. destination on 12/31/2019 (it takes 2 days to transport the goods to the buyers). The company is the consignee and was holding $100,000 of goods on consignment (Chi Company is the consignor). What amount should Norton report as inventory on 12/31/2019? Show your calculation