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Novak Corp. took a physical inventory on December 31 and determined that goods costing $201,500 were on hand. Not included in the physical count were $26,000 of goods purchased from Crane Company, FOB, shipping point, and $20,500 of goods sold to Nash's Trading Post, LLC for $32,000, FOB destination. Both the Crane purchase and the Nash sale were in transit at year-end. What amount should Novak report as its December 31 inventory?

Respuesta :

abiolataiwo2015

Answer:

$248,000

Explanation:

Calculation for What amount should Novak report as its December 31 inventory

Using this formula

Ending inventory = Goods costing +Physical count +Goods sold to Nash's

Let plug in the formula

Ending inventory = $201,500 + $26,000 + $20,500

Ending inventory =$248,000

Therefore The amount that Novak should report as its December 31 inventory is $248,000

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