Smith-Miller Enterprises has inventory of $657,000 in its stores as of December31 It also has two shipments in-transit that left the suppliers warehouses by December 28. Both shipments are expected to arrive on January 5. The first shipment of $128,000 was sold f.o.b. destination and the second shipment of $76,000 was sold f.o.b. shipping point. What amount of inentory should Smith- Miller report on its balance sheet as of December 31? 26. A T33,000 B. 861,000 C. T85,000 D. 657,000