The Constance Corporation’s inventory at December 31, 2021, was $133,000 (at cost) based on a physical count of inventory on hand, before any necessary adjustment for the following: Merchandise costing $23,000, shipped f. o.b. shipping point from a vendor on December 27, 2021, was received by Constance on January 5, 2022. Merchandise costing $53,000 was shipped to a customer f. o.b. shipping point on December 28, 2021, arrived at the customer’s location on January 6, 2022. Merchandise costing $29,000 was being held on hand for Jess Company on consignment. Estimated sales returns are 15% of annual sales. Sales revenue was $566,000 with a gross profit ratio of 20%.

Required:
What amount should Constance Corporation report as inventory in its December 31, 2021, balance sheet?