Stallman Company took a physical inventory on December 31 and determined that goods costing $220,490 were on hand. Not included in the physical count were $29,100 of goods purchased from Pelzer Corporation, f.o.b. shipping point, and $26,200 of goods sold to Alvarez Company for $39,810, f.o.b. destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Stallman report as its December 31 inventory?