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:
1. Merchandise costing $30,000, shipped F.o.b. shipping point from a vendor on December 30, 2020, was received on January 5, 2021.
2. Merchandise costing $22,000, shipped F.o.b. destination from a vendor on December 28, 2020, was received on January 3, 2021.
3. 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.
4. Merchandise costing $12,000 was being held on consignment by Traynor Company.