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Tamarisk, Inc. took a physical inventory on December 31 and determined that goods costing $235,000 were on hand.

Not included in the physical count were $27,400 of goods purchased from Pelzer Corporation, FOB shipping point, and $22,200 of goods sold to Alvarez Company for $31,400, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end.

What amount should Tamarisk report as its December 31 inventory?

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