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
Answers: 3
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Answers: 1
Novak Company took a physical inventory on December 31 and determined that goods costing $190,000 we...
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