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butalik [34]
3 years ago
12

Novak Company took a physical inventory on December 31 and determined that goods costing $190,000 were on hand. Not included in

the physical count were $25,170 of goods purchased from Pelzer Corporation, f.o.b. shipping point, and $21,900 of goods sold to Alvarez Company for $30,030, f.o.b. destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Novak report as its December 31 inventory
Business
1 answer:
Lorico [155]3 years ago
8 0

Answer: $237070

Explanation:

The amount that Novak should report as its December 31 inventory will be:

Inventory in hand = $190,000

Add: Goods bought from Pelzer Corporation = $25,170

Add: Cost of goods sold to Alvarez Company = $21900

Total = $237070

The amount that Novak should report as its December 31 inventory will be $237070

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i

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Standard price= $6.1

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