Windsor, Inc. took a physical inventory on December 31 and determined that goods costing $222,500 were on hand. Not included in the physical count were $31,000 of goods purchased from Bonita Industries, FOB, shipping point, and $25,500 of goods sold to Metlock, Inc. for $33,000, FOB destination. Both the Bonita purchase and the Metlock sale were in transit at year-end. What amount should Windsor report as its December 31 inventory?