Pittsburgh Inc. ordered items which cost 112,500 yen from a foreign supplier on November 15. The spot rate was $.34 per yen. Pittsburgh signed a one-month forward contract on that date to purchase 112,500 yen at a forward rate of $.36 per yen. The inventory was received on December 15 and the payment was made. The spot rate was $.38 per yen. At what amount should inventory be reported?