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Sheffield Corp. took a physical inventory on December 31 and determined that goods costing $208,000 were...

Sheffield Corp. took a physical inventory on December 31 and determined that goods costing $208,000 were on hand. Not included in the physical count were $22,000 of goods purchased from Wildhorse Co., FOB, shipping point, and $24,500 of goods sold to Waterway Industries for $35,000, FOB destination. Both the Wildhorse purchase and the Waterway sale were in transit at year-end.

What amount should Sheffield report as its December 31 inventory?

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