Current Attempt in Progress Cheyenne Corp. took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count were $26,400 of goods purchased from Pelzer Corporation, FOB shipping point, and $21,400 of goods sold to Alvarez Company for $28,200, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Cheyenne report as its December 31 inventory? Inventory, December 31 $