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Blue Spruce Ltd. took a physical inventory count on December 31 and determined that goods...

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Blue Spruce Ltd. took a physical inventory count on December 31 and determined that goods costing $3,900 were on hand. This amount included $560 of goods held on consignment for Woods Corporation. Not included in the physical count were $780 of goods purchased from Timmons Corporation, f.o.b. shipping point, and $190 of goods sold to Myers Ltd. for $340, fo.b. destination. Both the Timmons purchase and the Myers sale were in transit at year end. What amount should Blue Spruce report as its December 31 inventory? December 31 inventory

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