Monty Corp, took a physical inventory on December 31 and determined that goods costing $225,000 were on hand. Not included in the physical count were $27,800 of goods purchased from Pelzer Corporation, FOB shipping point, and $22,600 of goods sold to Alvarez Company for $31,600,FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Monty report as its December 31 inventory? Inventory, December 31