Solved: Both the pelzer purchase and the alvarez sale were in, Accounting Basics

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Both the pelzer purchase and the alvarez sale were in

Question - Novak company took a physical inventory on December 31and determined that goods costing $190,900 were on hand. Not inlcuded in the physical count were $26,400 of goods costing Pelzer Corporation, f.o. b. shipping point, and $23,260 of goods sold to Alvarez Company for $29,460, 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?

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Accounting Basics: Both the pelzer purchase and the alvarez sale were in

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