Neverwas Company just took its physical inventory. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $300,000. In reviewing the details of the count and related inventory transactions, you have discovered the following.
Neverwas has sent inventory costing $26,000 on consignment to Niagara Company. All of this inventory was at Niagara's showrooms on December 31.
The company did not include in the count inventory (cost, $20,000) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31.
The company did not include in the count inventory (cost, $17,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31.
Compute the correct December 31 inventory

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While I fully agree with Curleyben, I would suggest that the inventory should include all such items that the entity enjoys the title to it.