The Mateo Corporation’s inventory at December 31, 2020, was $325,000 based on a physical count priced at cost, and before any necessary adjustment for the following: Merchandise costing $30,000, shipped F

The Mateo Corporation’s inventory at December 31, 2020, was $325,000 based on a physical count priced at cost, and before any necessary adjustment for the following: Merchandise costing $30,000, shipped F.o.b. shipping point from a vendor on December 30, 2020, was received on January 5, 2021. Merchandise costing $22,000, shipped F.o.b. destination from a vendor on December 28, 2020, was received on January 3, 2021. Merchandise costing $38,000 was shipped to a customer F.o.b. destination on December 28, 2020, arrived at the customer’s location on January 6, 2021. Merchandise costing $12,000 was being held on consignment by Traynor Company. What amount should Mateo Corporation report as inventory in its December 31, 2020, balance sheet? (Show the reasoning)

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