Question 12

Fish Company took a physical inventory on December 31 and determined that goods costing $500,000 were on hand. Further, $10,000 of goods were purchased from Bob Corporation, f.o.b. shipping point, $7,000 of goods were purchased from Dish Corporation, f.o.b. destination, and $31,000 of goods were sold to Lish Company for $50,000, f.o.b. destination. No adjusting entries have yet been made for these goods, all of which were in transit at year-end. What amount should Fish report as its December 31 inventory?

A short and correct answer is enough, thank you!