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Sunland Compary took a physical inventory on December 31 and determined that goods costing $232,000...

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Sunland Compary took a physical inventory on December 31 and determined that goods costing $232,000 were on hand. Not included in the physical count were $29.000 of goods purchased from Peizer Corporation, FOB, shipping point, and $2.5.520 of goods sold to Alvarez Company for $34,800, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Sunland report as its December 31 inventory

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