Splish Companys inventory of $1,087,200 at December 31, 2020, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items.

(a)		Goods shipped from a vendor f.o.b. shipping point on December 24, 2020, at an invoice cost of $70,120 to Splish Company were received on January 4, 2021.
(b)		The physical count included $31,320 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2020. The carrier picked up these goods on January 3, 2021.

What amount should Splish report as inventory on its balance sheet?

Inventory to be reported

$enter Inventory to be reported in dollars