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P7-3 [O 7.3 Valuation of Inventory The inventory on hand at the end of 2019 for Reddall Company is valued at a cost of $94,550. The following items were not included in this inventory: 1. Purchased goods in transit, under terms FOB shipping point, invoice price $4,100, freight costs $220. 2. Goods out on consignment to Marlman Company, sales price $4,200, shipping costs of 5250. 3. Goods sold to Grim Co. under terms FOB destination, invoiced for $1,900 which included 3178 freight charges to deliver the goods. Goods are in transit. 4. Goods held on consignment by Reddal] at a sales price of $2,700 which included sales commission of 20% of sales price. 5. Purchased goods in transit, shipped FOB destination, invoice price $2,100 which included freight charges of$190. Required: Determine the cost of the ending inventory that Reddall should report on its December 31, 2019, balance sheet, assuming that its selling price is 140% of the cost of the inventory