Novak company took a physical inventory on December 31and determined that goods costing $190,900 were on hand. Not inlcuded in the physical count were $26,400 of goods costing Pelzer Corporation, f.o. b. shipping point, and $23,260 of goods sold to Alvarez Company for $29,460, f.o.b. destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Novak report as its December 31 inventory?