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Novak Corp. just took its physical inventory on December 31. The count of inventory items...

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Accounting

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Novak Corp. just took its physical inventory on December 31. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $295,500. In reviewing the details of the count and related inventory transactions, you have discovered the following items had not been considered. 1 Novak has sent inventory costing $25.500 on consignment to Richfield Company. All of this inventory was at Richfeld's showrooms on December 31. 2. The company did not include in the count inventory cost $20,600) 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 $16,400) that was purchased with terms of FOB shipping point. The goods were in transit on December 31 3. Compute the correct December 31 inventory Correct December 31 inventory

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