Pina Colada Corp. took a physical inventory on December 31 and determined that goods costing $150,000 were on hand. Not ineluded in the physical count were $25,400 of goods purchased from Pelzer Corporation, FOB shipping point, and $22,800 of goods sold to Alvarez Company for $29,800, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Pina Colada report as its December 31 inventory? Inventory, December 31