Pharoah Company took a physical inventory on December 31 and determined that goods costing $180,000 were on hand. Not included in the physical count were $22,500 of goods purchased from Pelzer Corporation, FOB, shipping point, and $19,800 of goods sold to Alvarez Company for $27,000, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Pharoah report as its December 31 inventory? Ending inventory $