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Cullumber Looms Inc. took a physical inventory at the end of the year and determined...

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Accounting

Cullumber Looms Inc. took a physical inventory at the end of the year and determined that $931000 of goods were on hand between its warehouse and store locations. In addition, the following items were not considered when counting final inventory:
$45000 of goods purchased were in transit. The goods were shipped f.o.b. shipping point and were received by the company three days after the inventory count.
$53500 worth of goods that were sold with an explicit repurchase agreement on the inventory.
What amount should Cullumber report as inventory at the end of the year?
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