Wildhorse Phone Inc. took a physical inventory at the end of the year and determined that $785000 of goods were on hand. In addition, the following items were not considered when taking the final physical count. Wildhorse Phone noted that $42400 of goods purchased FOB destination and in transit at year-end arrived two days after year-end. Additionally, because of high rates of return on some products, Wildhorse Phone has established an estimate of items that will be returned of $22400. What amount should Wildhorse Phone report in their year-end balance sheet for the inventory account? 0 $807400 $785000 0 $849800 C $762600