* Your answer is incorrect. Flounder Ltd. took a physical inventory count on December 31 and determined that goods costing $4,000 were on hand. This amount included $920 of goods held on consignment for Woods Corporation. Not included in the physical count were $890 of goods purchased from Timmons Corporation, f.o.b. shipping point, and $220 of goods sold to Myers Ltd. for $320, f.o.b. destination. Both the Timmons purchase and the Myers sale were in transit at year end. What amount should Flounder report as its December 31 inventory? December 31 inventory $ 4510